ECB allows UniCredit to increase its stake in Commerzbank and move closer to takeover
The European Central Bank (ECB) has allowed the Italian banking group UniCredit to exceed the 30% ownership threshold in German Commerzbank and to further increase its stake without a set upper limit. The decision opens the way for UniCredit to gain control of one of Germany's largest banks.
This was stated in an official announcement by UniCredit on October 15, 2026.
The Italian group called the ECB's approval an important stage in the process of acquiring Commerzbank. According to UniCredit, the regulator's decision confirms a positive assessment of the future deal and the financial stability of the Italian bank.
UniCredit expects to complete the remaining regulatory procedures and fulfill necessary conditions by approximately the end of 2026.
After that, the group expects to gain about 50% of shareholder votes in Commerzbank, which will allow it to establish control over the German bank.
At the same time, the ECB's approval does not mean the takeover is complete. For the actual transfer of shares and corresponding voting rights, other conditions of the deal still need to be met.
UniCredit moves closer to control over the German bank
UniCredit began increasing its presence in Commerzbank's capital in 2024, and in 2026 it launched a public offer to acquire shares of the German bank.
According to Commerzbank, after the acceptance period closed in July 2026, shareholders agreed to transfer a total of 17.6% of shares to UniCredit.
However, the transfer of these securities and corresponding voting rights depended on obtaining the necessary regulatory approvals.
Commerzbank itself emphasized that until the relevant procedures are completed, UniCredit does not control its operational activities. The management of the German bank remains with its board.
Commerzbank's leadership also stated readiness for constructive dialogue with UniCredit, but insisted on taking into account the interests of shareholders, clients and employees.
Germany opposed the takeover
UniCredit's attempts to gain control of Commerzbank previously drew objections from the German government.
In June 2026 Berlin rejected the Italian bank's offer for the state-owned stake in Commerzbank. German authorities considered the proposed terms economically unprofitable and opposed a hostile takeover.
The federal government owns approximately 12% of Commerzbank shares and considers it important for lending to German businesses, especially small and medium-sized enterprises.
During negotiations with UniCredit in September, German authorities outlined three key priorities: maintaining financing for medium-sized businesses, the role of Frankfurt as a financial center, and jobs at Commerzbank.
Despite disagreements, representatives of the two banks began talks on future cooperation.
The ECB's decision removes one of the main regulatory obstacles for UniCredit, but the final outcome of the deal will depend on the fulfillment of the remaining conditions.
Based on materials from: UniCredit, Commerzbank, German Government
