Italy’s UniCredit has increased its stake in Commerzbank to 28%, comprising a 9.5% direct holding and 18.5% through derivatives, and has applied to the European Central Bank for permission to raise it to 29.9%. UniCredit’s CEO Andrea Orcel emphasizes the bank’s belief in the value and potential of Commerzbank, viewing this as an investment while also pursuing a bid for Italian Banco BPM. Despite opposition from the German government to a Commerzbank takeover, analysts see potential synergies in the merger. Meanwhile, Commerzbank is upgrading its strategy, with details to be disclosed on February 13.
