UniCredit steps up push at Commerzbank

UniCredit (UCGm) has amassed a stake of nearly 50% in Commerzbank (CBKd), putting the Italian bank in a dominant position as it moves toward a potential takeover. The growing shareholding gives UniCredit significant influence over the German lender’s future direction and governance. This near‑majority stake is a central factor in the evolving negotiations around control of Commerzbank.

Alongside UniCredit’s position, the German government continues to hold about 13.3% of Commerzbank, a legacy of the bank’s 2009 rescue. This state stake carries historical rights, including the ability to appoint two members to Commerzbank’s supervisory board. The combination of UniCredit’s large holding and the state’s residual stake shapes a complex ownership and power structure.

UniCredit CEO Andrea Orcel is pushing for changes at the top of Commerzbank’s leadership as part of his consolidation drive. He is seeking the removal of Commerzbank Chief Executive Bettina Orlopp from her role. In addition, he wants Supervisory Board Chair Jens Weidmann to leave his position, targeting both the management and oversight levels of the German bank.

These demands highlight UniCredit’s focus on reshaping Commerzbank’s governance as it advances toward control. The push for leadership change comes at a time when UniCredit’s stake and influence have increased, intensifying discussions over how the combined structure should be run. Governance has thus become a key battleground in the broader transaction agenda.

On 15 September 2026, Andrea Orcel met German Finance Minister Lars Klingbeil in Berlin to discuss the situation. Both sides described the meeting as constructive, indicating a shift toward formal engagement between UniCredit and the German authorities. The talks underline the political and regulatory sensitivity surrounding any change of control at Commerzbank.

Berlin has set clear conditions for supporting a deal involving Commerzbank. The bank should remain listed, retain its headquarters in Frankfurt and continue to provide financing to medium‑sized German companies. The government also wants to keep its two seats on the supervisory board, reflecting its ongoing role as a significant shareholder and its interest in safeguarding strategic priorities.

With UniCredit’s near‑50% stake and the state’s roughly 13.3% holding, the process is evolving from a hostile confrontation into negotiations over governance, strategic safeguards and integration terms. The outcome will depend on how leadership changes, board representation and the conditions set by Berlin are reconciled with UniCredit’s plans for Commerzbank.