As markets await if Italy’s UniCredit would make the bold move of acquiring the German lender, the Italian company announced on Wednesday that it has increased its possible share in Commerzbank to 28% through further derivatives. This is a rise from the previous ownership of 21%.
The second-biggest bank in Italy stated that its current ownership is made up of around 18.5% through derivative instruments and 9.5% direct.
In addition to CEO Andrea Orcel’s pursuit of a bid for Italian rival Banco BPM, UniCredit has filed to the European Central Bank for authorisation to purchase a maximum of 29.9% of the German bank.
“This action supports UniCredit’s belief that Commerzbank has significant value that must be realised,” the company stated in a press release on Wednesday.
It demonstrates faith in Germany, its companies, and its communities, as well as the significance of a robust banking industry in fostering the country’s economic growth.
Source (CNBC)
