UniCredit CEO Andrea Orcel says the bank is aiming for full control of Commerzbank by the fourth quarter, following an increase in its stake to 48%.
Key facts
- •UniCredit has increased its stake in Commerzbank to 48%.
- •CEO Andrea Orcel stated the acquisition could potentially occur in the fourth quarter.
- •UniCredit raised its full-year net profit target to more than 11 billion euros.
- •The German government maintains a 12% stake in Commerzbank and has resisted the takeover.
- •UniCredit reported a second-quarter net profit of 2.9 billion euros.
UniCredit CEO Andrea Orcel stated in an exclusive interview with CNBC that the Italian bank is aiming to acquire Commerzbank in the fourth quarter. The bank has already increased its stake in the German lender to 48%, moving toward full control of the institution.
By the numbers
Strategic Shift and Financial Outlook
UniCredit has shifted its view of the Commerzbank deal from an initial financial investment to a strategic transaction intended to create industrial value. Despite this, CEO Andrea Orcel noted that the two banks remain different and require alignment before a full merger can occur. The bank recently raised its full-year net profit guidance to over 11 billion euros. This follows second-quarter results where net profit reached 2.9 billion euros, or 3.1 billion euros when excluding specific costs related to the Commerzbank stake.
Context of the Takeover Attempt
UniCredit’s interest in Commerzbank began with a 9% stake in 2024, which was increased to approximately 30% in March. The potential takeover has faced opposition from Commerzbank management and the German government, which currently retains a 12% stake in the bank. Orcel indicated that UniCredit does not intend to wait for the annual general meeting in May to proceed with its plans.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by CNBC Europe.
