ECB Clears UniCredit to Increase Commerzbank Stake and Take Control

The immediate lead-up to the decision came from Commerzbank itself. On October 14, CEO Bettina Orlopp said UniCredit was set to receive a crucial European Central Bank approval "in the next days or weeks," according to Bloomberg Economics.

That approval would pave the way for the Italian lender to take control of its German rival, the report said. The next day, coverage reported that the clearance had arrived.

On October 15, ANSA.it reported that the ECB had given UniCredit permission to exceed a 30 percent stake in Commerzbank and increase its holdings with no upper limit.

Other reports described the scope differently. DIE WELT said the ECB had allowed UniCredit to raise its stake to almost 50 percent, enabling it to take control of Commerzbank. The supplied coverage does not resolve that difference.

The approval was attributed to UniCredit's own account in reporting by DIE ZEIT and DER SPIEGEL. Both described the decision as a step toward a takeover, rather than a completed transfer of control.

The ECB clearance is now reported as granted. Euronews also confirmed permission to cross the 30 percent shareholding threshold, putting UniCredit in a position to take control.

Approval and actual control remain separate stages in these reports. The coverage does not establish that UniCredit has already taken control of Commerzbank.

The next concrete development is when UniCredit takes control. DER SPIEGEL reported that the bank planned to do so toward the end of 2026, while Euronews put control from 2027. Those accounts leave the precise timing unsettled.

The permitted size of UniCredit's holding also needs clarification: ANSA.it described no upper limit, whereas DIE WELT reported permission to increase the stake to almost 50 percent.