New banking giant?

UniCredit acquires Commerzbank

Bank Austria also belongs to UniCredit.(Bild: AFP/GABRIEL BOUYS)

The major Italian bank UniCredit is surprisingly reaching for its German competitor Commerzbank. On Wednesday, the Italians acquired nine percent of the second-largest listed German bank and signaled their interest in a larger commitment. 

In the event of a takeover by the parent company of Bank Austria, a giant could emerge with a market value of almost 74 billion euros and second place in Europe after the British HSBC.

Commerzbank reacted cautiously. According to an insider, it wants to fend off a possible takeover. While the share prices of both banks rose and economists welcomed the move, German employees threatened to resist.

Shortly before, Commerzbank boss Manfred Knof had announced his departure next year. UniCredit stated that it would work with Commerzbank to discuss ways of increasing value for the shareholders of both banks. If necessary, regulatory approvals will be obtained for a possible expansion of the stake to more than 9.9 percent.

Commerzbank reacts cautiously
According to an insider, UniCredit CEO Andrea Orcel wants to explore a merger with Commerzbank. He invited the management of the German competitor to talks about a merger on Wednesday, a person familiar with the matter told the Reuters news agency.

Commerzbank merely stated that it had taken note of the entry and left its further course of action open: "The Board of Managing Directors and Supervisory Board of Commerzbank will continue to act in the best interests of all our shareholders, employees and customers."