ECB Clears UniCredit to Take Control of Germany's Commerzbank

The European Central Bank's supervisory arm authorised UniCredit on October 15, 2026, to increase its equity stake in Commerzbank — Germany's second-largest listed bank — beyond 30% with no upper ceiling, a pivotal regulatory milestone in one of the biggest European banking mergers in a generation. UniCredit's economic stake in Commerzbank already stood at approximately 47.6% of share capital and 49.7% of exercisable voting rights (excluding treasury shares) following a hostile exchange offer that closed in July 2026, in which shareholders representing 17.6% of Commerzbank's capital tendered their shares. UniCredit now expects to fulfil the remaining regulatory conditions around year-end and gain outright management control — approximately 50% of voting rights — over the German lender, which is valued at about €35 billion ($39 billion). The Italian bank aims to cement itself as a pan-European heavyweight, creating a cross-border institution spanning Italy, Germany and a network of central and eastern European markets. The German federal government, which had previously resisted the takeover by selling down its post-financial-crisis stake, is now left to negotiate from a weaker position. UniCredit shares dipped 2.5% on the approval news while Commerzbank shares slipped 1.2%, as markets priced in integration risks and execution costs.