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Commerzbank Merger Talks Resurface as UniCredit CEO Presses German Officials

By  |  July 3, 2025

UniCredit CEO Andrea Orcel has stepped up efforts to secure support for a potential merger with Commerzbank AG, reigniting discussions over the future of one of Germany’s largest lenders. According to Bloomberg, Orcel and German Finance Minister Lars Klingbeil recently exchanged private correspondence regarding the matter, highlighting growing tensions around the potential deal.

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    In a letter dated June 18, Orcel reportedly addressed top German officials, including Chancellor Friedrich Merz and Klingbeil, advocating for a combination he believes could create a “European banking champion.” This move marks the latest in a series of overtures Orcel has made toward Berlin, following UniCredit’s disclosure last year of a sizeable stake in Commerzbank—now said to have grown to roughly 28% via derivatives, per Bloomberg.

    However, German officials appear firm in their stance. In his reply, Klingbeil reiterated the government’s commitment to Commerzbank’s independence and urged Orcel to bring any formal proposals directly to the bank’s management. He also stressed that the institution should not be subjected to a hostile takeover, according to Bloomberg’s sources familiar with the matter.

    Related: UniCredit Seeks EU Green Light for Banco BPM Deal with Antitrust Concessions

    While Klingbeil acknowledged that enhanced financial integration across Europe could play a role in revitalizing the region’s economy, he emphasized that strategic decisions for Commerzbank must remain in the hands of its executives—not external stakeholders.

    Orcel’s interest in Commerzbank has been persistent since UniCredit began building its position in the German lender. In May, he sent a congratulatory message to the newly formed German government, in what was seen as a diplomatic gesture to smooth relations, Bloomberg previously reported. Despite these efforts, resistance to a potential deal has remained firm, particularly from public officials wary of foreign influence over a key national financial institution.

    The UniCredit chief has indicated that he may delay any takeover bid until 2027, citing the rising cost of a potential acquisition following a surge in Commerzbank’s share price and continued government pushback. Nonetheless, with plans reportedly in place to convert derivatives into actual shares—bringing UniCredit’s holding close to 30%—the Italian bank’s influence could soon deepen.

    Source: Bloomberg