(11 July 2025 – Europe) UniCredit CEO Andrea Orcel has made clear the Italian lender will not abandon its pursuit of Commerzbank, despite opposition from the German government.
“On Commerzbank we’ll press ahead despite the German government’s stance. We were invited in September to buy a 4.5 percent stake, it’s not clear why we should go away now,” Orcel told a board meeting, as reported by Il Messaggero.
This comes after Germany’s Finance Minister Lars Klingbeil labelled UniCredit’s approach as “unfriendly” and reiterated the government’s support for Commerzbank’s independence.
Earlier in the week UniCredit had doubled its equity stake in Commerzbank to 20 percent by converting derivatives into shares. Orcel confirmed plans to convert the remaining instruments and reach a 29 percent equity holding. “We have asked for a meeting to outline our strategy and we’ll wait until we’re listened to. Our approach is respectful of Commerzbank’s specific characteristics,” he added.
UniCredit first disclosed its position in Commerzbank in September, purchasing a 4.5 percent stake from the German government, with further accumulation via derivatives. The ECB has since granted approval for a stake of up to 29.9 percent.
Meanwhile, Reuters reports UniCredit’s separate attempt to acquire Banco BPM in Italy faces regulatory headwinds. A court ruling on the government’s restrictive conditions is expected by 16 July. Orcel warned that unless the ruling annuls or materially revises these conditions, “we would still be in an uncertain situation which discourages investors, weighs on the market… the conditions to go ahead with the deal are not there.”