Commerzbank it’s tempting both to UniCredit that to Deutsche Bank. To thwart Italian plans to acquire what is Germany’s fourth-largest bank, Deutsche Bank is exploring various options, includingpurchase of part or of the whole 12% of Commerzbank still held by the German government. According to what he writes Bloomberg this would be the ace up the sleeve of the CEO Christian Sewing. The Frankfurt-based group has not commented. No leaps in Bag for the players involved, after the announcement of the banking standoff: the shares of Commerzbank, Deutsche Bank and UniCredit rose only slightly, in line with previous trends.
UniCredit’s move
A few days ago UniCredit has purchased actions Of Commerzbank put up for sale by the German government and opened the door to a possible acquisition complete of the German bank. The case arose last week when Bloomberg TV interviewed Andrea Orcel, CEO of UniCredit. The manager revealed that he has a 9% stake in Commerzbank. In a subsequent interview, he said he could evaluate an actual acquisition of the banking giant. The hypothesis has attracted the attention of the German government, which has been evaluating the sale of its stakes in the credit institution for some time but did not expect the intervention of an investor like Unicredit.
Past negotiations with Deutsche Bank
There had already been contacts between Commerzbank and Deutsche Bank in the past: in 2019 the two groups had discussed a possible acquisitionaccording to a plan supported by the German government, but the negotiations they were shipwrecked. UniCredit’s move could now push Deutsche Bank back toward its old plans to acquire Commerzbank. It remains to be seen what countermeasures UniCredit may choose to adopt.
The ECB’s position
Any possible merger between banking institutions would receive the blessing of the European Central Bank. This was stated by the Vice President of the ECB Luis de Guindos during a conference in Madrid in response to a question about the possible acquisition of Commerzbank by UniCredit. “Let’s see what happens,” the vice president was quoted as saying Bloomberg. “We have always been in favor of cross-border mergers. Whenever one occurs, national concerns typically arise.” “The important thing,” de Guindos clarified, “is how appropriate the merger is from the point of view of the business model.” The ECB, therefore, has no prejudices based on the nationality of the players involved, but only evaluates their merits.
The credit giant
A possible acquisition of Commerzbank by UniCredit would create a banking gianteven more impressive than Deutsche Bank in terms of turnover.
BNP Paribas
But the Deutsche Bank-UniCredit duel for the acquisition of Commerzbank could soon become a three-way with the entry of the third player, the French BNP Paribas. The trade press in fact indicates the banking group based in Paris as potentially interested in the match.
