Reuters reports ECB leaning toward approving UniCredit's Commerzbank bid, document shows
This digest was compiled by AI from multiple sources — links to the originals are below.
The European Central Bank is leaning towards approving UniCredit's takeover of Commerzbank, according to an internal document seen by Reuters. The document, presented last month to the ECB's Supervisory Board, found no grounds to object but expects a challenging and long-lasting integration and requires a mitigation strategy. German regulator BaFin flagged concerns about UniCredit's governance and conduct.
ECB Preliminary View
The European Central Bank found 'no grounds to object' to UniCredit's takeover of Commerzbank, according to an internal document seen by Reuters. The document was presented last month to the ECB's Supervisory Board, which gathers regulators from the central bank and national authorities. It expects a 'challenging and long-lasting' integration and says German supervisors require a mitigation strategy to build support within Commerzbank and stronger checks and balances at UniCredit. The application remains incomplete, with a final review set for September or October.
UniCredit Commerzbank Bid
UniCredit has built a roughly 48% stake in Commerzbank through a €43 billion ($49.60 billion) hostile bid. The Italian bank crossed the mandatory 30% takeover threshold under German law in March 2026. The bid has prompted resistance from Commerzbank management, staff and the German government, although some opposition has recently softened. ECB approval would remove the main regulatory hurdle to the deal, which is the biggest EU banking deal since the global financial crisis.
BaFin Governance Concerns
Germany's BaFin raised several previously unreported concerns about UniCredit's governance and conduct during the takeover. The regulator described UniCredit's behaviour as 'aggressive and partially intransparent' and cited 'weaknesses in checks and balances' at the Italian bank, calling for stronger governance. BaFin said the hostile nature of the March 2026 bid had alienated Commerzbank management, staff, unions and political stakeholders, and that UniCredit would need a credible strategy to rebuild trust.
What's Next
A final ECB review is set for September or October, after the Supervisory Board considers national supervisors' views and the Governing Council ratifies a decision. It remains unclear whether BaFin's governance demands will alter the terms or timing of approval, or whether UniCredit can win over Commerzbank stakeholders.
1 source
Reuters reports ECB leaning toward approving UniCredit's Commerzbank bid, document shows
