Berlin is pressing Italian lender UniCredit for clear commitments regarding jobs and Germany as a business location, as the bank edges closer to gaining control of Commerzbank. UniCredit, an Italian banking group, is pursuing a takeover of Commerzbank, a prominent German financial institution. The German government, which holds a 13.3% stake in Commerzbank, is focused on safeguarding the lender’s vital role in financing the nation’s numerous small and medium-sized businesses. This comes as UniCredit has already secured nearly half of Commerzbank’s share capital, a significant threshold that would grant it effective control over shareholder resolutions once regulatory approvals are finalised.
The demands from Berlin are comprehensive, as articulated by German Finance Minister Lars Klingbeil during a “constructive” September meeting with UniCredit CEO Andrea Orcel. These include maintaining Commerzbank’s stock exchange listing, keeping its headquarters firmly in Frankfurt, and preserving its critical function in supporting German mid-sized companies both domestically and internationally. Furthermore, the German government expects Commerzbank to retain the necessary capital base for this role, with key operational decisions continuing to be made within Germany. A government source stated they now anticipate UniCredit’s CEO to promptly make these commitments, which would address the core concerns.
Responding to the ongoing dialogue, a spokesperson for UniCredit welcomed the discussions, expressing optimism about the eventual outcome. However, the spokesperson refrained from commenting publicly on the specifics while negotiations are still underway. Separately, reports from the Financial Times, citing individuals familiar with the matter, suggest that Andrea Orcel might move to overhaul Commerzbank’s supervisory board as early as January. Such a move could significantly enhance UniCredit’s influence over the German bank’s strategic direction, highlighting the stakes involved in the ongoing negotiations.
