Photo: Norbert Nagel / CC BY-SA 3.0
Commerzbank said Thursday it is convinced a tie-up with UniCredit can create value, striking a warmer tone on the Italian bank’s approach as the German lender posted a 45% jump in third-quarter profit.
“We are convinced that together with UniCredit, we can create value by consistently leveraging the strengths of both banks,” Chief Executive Bettina Orlopp said as the bank reported results, according to Reuters.
Net profit rose to 859 million euros in the third quarter from 591 million a year earlier, slightly below the 864 million euro consensus forecast published by the bank, its earnings report shows. Nine-month profit climbed 41% to a record 2.67 billion euros.
The bank trimmed its 2026 net interest income forecast to 8.5 billion euros from 8.6 billion, citing intense competition for deposits.
Commerzbank said it expects UniCredit’s takeover offer to be completed “in the coming months,” subject to further approvals. The deal is not done: the European Central Bank cleared UniCredit’s stake above the key threshold on October 15, and remaining approvals are expected in the fourth quarter or early 2027. UniCredit has disclosed control of a nearly 48% stake in Commerzbank, built through its roughly 45 billion euro approach.
The friendlier tone marks a shift after months in which Commerzbank resisted any takeover. Tensions remain: UniCredit CEO Andrea Orcel does not want Orlopp to stay on as Commerzbank CEO and opposes the German government keeping two supervisory board seats, according to Reuters. Berlin still holds a 13.3% stake acquired through a bailout during the financial crisis, and employees worry about job cuts.
JBizNews Desk | Frankfurt, Germany
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