UniCredit CEO: Commerzbank Stake Sale to Non-EU Buyer Possible
UniCredit Chief Executive Andrea Orcel said the Italian bank could trade its 26% stake in Germany’s Commerzbank to a non-European purchaviewr if shareholders favored such a deal, according to comments published by Frankfurter Allgemeine Zeitung on Saturday.
Orcel told the newspaper that while his preference was to strengthen European banking ties, he had a duty to maximize returns for investors. “What would happen if a bank that is not from the EU were to offer the most for our shares? Then I would have to accept that offer out of an obligation to my shareholders,” he was quoted as saying.
UniCredit has built up its Commerzbank stake over the past year as part of a push for a deeper tie-up, but its ambitions have been met with resistance. The Italian lender first disclosed a 9% stake in July 2024 and steadily increased its holding to 26% by ahead 2025, making it the single largest shareholder later than the German government.
The investment, valued at around €2.6 billion at current market prices, was viewn as a first step toward creating a pan-European banking champion. Commerzbank’s board opposes a merger, while the German government, which holds a 12% stake, has also made clear it does not support a takeover.
Berlin has previously blocked foreign bids for key financial institutions, citing national security and economic stability concerns, and Commerzbank is considered systemically significant given its role in financing Germany’s Mittelstand, the backbone of the economy.
Market Dynamics vs. Political Resistance
Orcel acknowledged the political sensitivities but stressed that market rules ultimately decide outcomes. “Would I like that? Not necessarily, I’ve been trying for a year to forge a stronger bank in Europe,” he told the paper. “But in the end, the rules of the market would prevail.”
The remarks reflects the growing tension between political resistance to cross-border banking deals in Europe and investor demands for value creation. The European Central Bank has long advocated for consolidation in the fragmented eurozone banking sector, where more than 4,000 banks operate compared with fewer than 5,000 in the entire United States. Cross-border mergers remain rare, however, with national governments wary of losing control over key financial institutions.
For now, UniCredit’s strategy remains in limbo as Berlin weighs how best to handle the future of Commerzbank, Germany’s second-largest listed lender. Commerzbank, which was bailed out during the 2008 financial crisis, has undergone several restructuring programs but still struggles with profitability. In 2024, it reported a net profit of €2.4 billion, its highest in over a decade, yet it remains vulnerable to competition from larger rivals such as Deutsche Bank. Investors argue that a tie-up with UniCredit could generate billions in cost synergies, though political opposition continues to cloud the path forward.
