ECB clears UniCredit to raise Commerzbank stake without limit

The European Central Bank has authorised UniCredit to cross the 30% shareholding threshold in Commerzbank and increase its stake without an upper limit, clearing a central regulatory hurdle in the Italian bank’s pursuit of its German rival. The decision was announced on Thursday, 15 October 2026.

UniCredit called the approval an ‘important milestone’. It expects to hold approximately 50% of Commerzbank’s voting rights by year-end, when it says it will be able to take control, subject to final regulatory steps expected around that time.

Commerzbank is valued at 35 billion euros ($39 billion). At the close of trading on 15 October 2026, its market capitalisation stood at around €40.7 billion ($45.6 billion).

The campaign began in September 2024, when UniCredit took a surprise stake in Commerzbank. It later built its holding to nearly 50 percent.

Andrea Orcel, UniCredit’s chief executive, is leading the Italian lender’s effort to take control of Commerzbank. UniCredit already owns HypoVereinsbank, the German subsidiary it acquired in 2005, and plans to merge Commerzbank with it.

The proposed combination would include cuts to Commerzbank’s international network and a renewed focus on activities in Germany.

Bettina Orlopp, Commerzbank’s chief executive, called for ‘constructive’ talks with UniCredit in late July. The German state owns 12 percent of Commerzbank’s capital.

Last month, German Finance Minister Lars Klingbeil met Orcel seeking guarantees over Commerzbank’s future and its continued role as Germany’s second-largest private bank. Klingbeil said it was of ‘paramount importance’ that Commerzbank ‘continue to fulfil its vital role in financing the German economy’.