ECB gives UniCredit scope to take control of Commerzbank
The Italian bank may exceed the 30 per cent threshold, but the takeover has not yet been completed.
Listen to this article
There is no audio version yet. Request one and an AI voice will read the article aloud.
Read by an AI voice.
The European Central Bank has given UniCredit permission to own more than 30 per cent of Commerzbank and further increase its stake. This brings the Italian bank closer to controlling its German rival, although other approvals are still needed.
UniCredit announced the ECB decision on Thursday in a stock exchange filing. The bank may exceed the 30 per cent threshold and, according to the filing, acquire further shares without a predetermined upper limit. This does not mean that Commerzbank immediately changes hands.
According to UniCredit, the remaining steps should be completed around the end of this year. The Italian bank could then hold approximately half of the voting rights and exercise control over Commerzbank. The precise timing depends on the remaining procedures and conditions.
Reuters values the bid at approximately €45 billion. This would make the transaction one of the largest cross-border banking deals in Europe since the financial crisis. UniCredit has built up its position in Commerzbank in recent months through shares and financial instruments.
The matter is politically sensitive in Germany. The German government has previously been critical of a foreign takeover of a major national bank, while the ECB has repeatedly called for stronger cross-border banks in the eurozone. According to the central bank, larger banks can compete more effectively and spread risks.
For customers, nothing will change for now in terms of accounts, loans or branches. It is also not yet clear how UniCredit intends to integrate Commerzbank organisationally, which operations will remain independent or what the consequences for staff would be. Such decisions generally only arise once a takeover has been legally completed.
In decisions of this kind, the ECB primarily assesses the buyer’s financial soundness and managerial suitability. Its permission is therefore not a political judgement on the desirability of the merger. The German government, competition authorities and other regulators can still influence what happens next.
Also show where in Europe and in the world
One story, several perspectives
What is established
- The ECB has given UniCredit permission to acquire more than 30 per cent of Commerzbank.
- Other procedures and conditions still need to be completed.
- The deal has prompted political opposition in Germany.
Left
Arguments A larger European bank can only be socially responsible if employees, customers and public interests are given substantial weight. Cross-border expansion must not automatically lead to job losses, fewer branches or a greater concentration of power.
Values Protection of employees, financial stability and democratic oversight.
Consequences Without robust conditions, staff and customers may bear the costs and risks; with conditions, the merger can strengthen European cooperation.
Centre
Arguments The regulator must assess financial soundness and feasibility, while governments continue to monitor the consequences for competition and employment. A decision must be based on rules and verifiable criteria.
Values Institutional diligence, stability and a workable European market.
Consequences A gradual approval process limits systemic risks, while allowing room for adjustments if integration causes problems.
Right
Arguments Germany must retain control over a strategically important bank. Expansion at European level must not mean that national interests, taxpayers or local lending become subordinate to shareholders.
Values National economic sovereignty, ownership and protection of domestic businesses.
Consequences Blocking the deal can preserve national control, but may make European banks weaker and less competitive.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
Fact-check Approved · Nour Haddad — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The core facts have been confirmed by UniCredit and Reuters. The consequences for the bank and its staff have been described as uncertain and yet to come.
- confirmed The ECB is allowing UniCredit to exceed the 30 per cent threshold in Commerzbank. — Confirmed in UniCredit’s stock exchange filing. source
- confirmed The remaining procedures are expected around the end of 2026. — UniCredit states that the remaining procedures are expected to be completed around the end of the year. source
- confirmed According to Reuters, the bid is worth approximately €45 billion. — Stated in the Reuters report. source
- confirmed The eventual consequences for customers and staff are not yet known. — This follows from the fact that the takeover has not yet been completed and decisions on integration have not yet been announced. source
Editor's note
The ECB’s permission and the remaining procedures have been confirmed. The eventual takeover, integration and consequences for staff remain uncertain.Sources
- UniCredit receives ECB approval to acquire control of Commerzbank — UniCredit
- Italy’s UniCredit wins ECB approval to control Germany’s Commerzbank — Reuters via Investing.com
More on this in Dutch media
- RTL Nieuws — „unicredit commerzbank”
- FD — „unicredit commerzbank”
- AD — „unicredit commerzbank”