UniCredit CEO Andrea Orcel said that the lender would build on the existing corporate banking relationships of HypoVereinsbank (HVB) and Commerzbank
Italy’s UniCredit, ahead of its planned acquisition of European rival Commerzbank, has pledged to expand financing for Germany’s medium-sized Mittelstand businesses, seeking to reassure corporate clients and political stakeholders as it moves closer to taking control of the lender in a potential landmark European banking deal.
UniCredit CEO Andrea Orcel said on Friday that the Italian lender remained committed to supporting German businesses and would build on the existing corporate banking relationships of HypoVereinsbank (HVB) and Commerzbank.
“We will strengthen our support for corporate clients, building on and further developing the existing networks and relationships of HVB and Commerzbank. We will increase our capacity to finance corporate growth,” Orcel said in a statement.
UniCredit also pledged to provide additional financing for companies pursuing strategic investments, business transformation, acquisitions, and expansion.
Commerzbank welcomed the commitment, which comes amid concerns among German businesses, bankers, and politicians that a takeover by the Italian lender could weaken financing support for domestic companies.
The Mittelstand, Germany’s network of small and medium-sized businesses, is known for playing a key role in the European country’s industrial economy and export sector.
Concerns about its access to credit have been among the key points of the German resistance to UniCredit’s proposed takeover.
The latest commitment comes as UniCredit makes progress towards securing control of Commerzbank after a two-year effort to build a significant stake in the German lender.
A couple of weeks back, UniCredit got the much-needed authorisation from the European Central Bank (ECB) to cross the 30% ownership threshold in Commerzbank and increase its stake without an upper limit.
The regulatory approval followed the completion in July of a 45 billion euro (USD 50.51 billion) hostile takeover offer, which lifted UniCredit’s stake in its German rival to approximately 48%.
The Italian bank needed the ECB’s approval to take delivery of the Commerzbank shares tendered through the offer and advance its plans for what could become Europe’s biggest cross-border banking deal since the global financial crisis.
UniCredit eyes the end-2026 window to acquire Commerzbank, with approximately 50% of its voting rights, subject to the completion of the remaining regulatory processes and conditions.
The bank, Italy’s second-largest lender, has operated Munich-based HVB since 2005 and began building its investment in Commerzbank more than two years ago.
UniCredit’s ambitions have faced considerable resistance from Commerzbank’s management and the German government, which has raised concerns about the implications of foreign ownership for domestic employment, lending, and financial stability.
However, after months of opposition, some German government officials and Commerzbank executives had no other option but to tone down their stance as UniCredit’s ownership approached the decisive 50% mark.
Orcel has already secured sufficient shares to control ordinary shareholder resolutions while remaining below the threshold that would trigger a mandatory buyout of minority investors in Commerzbank’s Polish subsidiary, mBank.
German stakeholders, including the government, have also sought assurances that Commerzbank would retain its Frankfurt headquarters, protect jobs, and continue financing German businesses.
