The key facts

  • The ECB allowed UniCredit to exceed the 30% stake in Commerzbank and increase it with no upper limit
  • By the end of the year, UniCredit expects about 50% of voting rights and the ability to establish control
  • The German government (13.3% stake) demands guarantees on employment, the headquarters and SME lending; the talks were called constructive

ECB approval

The European Central Bank has granted Italian UniCredit permission to exceed the 30% threshold of shareholding in Germany's Commerzbank and to continue increasing its stake without setting a maximum level. UniCredit announced this on Thursday, October 15, 2026. The bank regarded the decision as a key stage of the acquisition, emphasizing that it confirms the ECB's positive assessment of the deal and confidence in UniCredit's strong fundamentals and its positions in the European banking sector.

Timing and terms of the deal

According to UniCredit, the completion of the remaining regulatory procedures and the fulfillment of the conditions necessary to finalize the offer for Commerzbank are expected by the end of the year. By that point, the bank expects to hold approximately 50% of the voting rights in Commerzbank, which would allow it to establish control over the German lender. The Anadolu outlet notes that the deal is taking place against the backdrop of the ECB advocating cross-border banking mergers as a way to strengthen the EU single market.

Resistance in Berlin and negotiations

The takeover has met resistance from the German government and Commerzbank's management. Nevertheless, German Finance Minister Lars Klingbeil, speaking on Friday on the sidelines of the annual IMF meeting in Bangkok, called the talks with UniCredit constructive. According to the dpa agency, he said that after a 'very constructive start' to talks with UniCredit CEO Andrea Orcel, discussions between the parties' teams are continuing. Berlin is seeking protection of jobs, the preservation of Commerzbank's headquarters in Frankfurt and its stock exchange listing, as well as maintaining lending to small and medium-sized businesses. 'I have not seen hardened positions; rather, I believe all these issues can be resolved constructively together,' Klingbeil said.

Position of the government and management

The German government, which rescued Commerzbank with billions of euros of taxpayers' money during the financial crisis, retains a 13.3% stake in the bank. Management, led by CEO Bettina Orlopp, has long resisted the takeover while simultaneously seeking a negotiated solution with UniCredit.