German finance minister lays out demands to UniCredit CEO on possible Commerzbank takeover (updated)

COMMERZBANK AG

14/09/2026 17:22

Germany demands Commerzbank stay listed, keep Frankfurt base and continue financing German mid-sized companies
UniCredit CEO calls talks constructive initial discussion
Meeting between German minister and UniCredit CEO marks turning point
Adds graphic, Commerzbank no comment, context
By Christian Kraemer, Maria Martinez, Tom Sims and Valentina Za
BERLIN, Sept 14 (Reuters) - German Finance Minister Lars Klingbeil set out demands to UniCredit CRDI.MI CEO Andrea Orcel on Monday over the Italian bank's possible takeover of Commerzbank CBKG.DE.
They included Commerzbank remaining listed on the stock exchange, keeping its base in Frankfurt and continuing to finance German medium-sized companies at home and abroad, the German ministry said in a statement.
The meeting in Berlin marked a turning point in the two-year battle for control of one of Germany's biggest banks after Berlin failed in its attempt to stymie a takeover.
"In a constructive discussion with Mr. Orcel, I made it clear that the further negotiations must be conducted responsibly," said Klingbeil.
Orcel said in a statement that the meeting was a "good and constructive initial discussion, that will be swiftly followed by others."
"It’s for both sides to now reflect on this initial discussion so that a way forward can be found in the best interest of all stakeholders and shareholders,” he said.
Commerzbank declined to comment.
     After months of resistance, German government officials and Commerzbank executives softened their resistance to a potential deal after UniCredit amassed a stake of nearly 50%. 
       Now German officials are hoping to protect jobs as well as the brand of a bank that plays a critical role in financing the medium-sized companies in Europe's largest economy, whose government is in the throes of a political crisis. 
"This is no longer just about a hostile takeover, but about finding the best path forward for both banks," a German finance ministry spokesperson said earlier on Monday.
A combination of UniCredit and Commerzbank would create a bank with more than €1.3 trillion in assets across two of the euro zone's largest economies.
Orcel pounced on Commerzbank in 2024, taking the lender and the government off guard by discreetly building up a holding. Commerzbank and Berlin tried to prevent the takeover, but threw in the towel after UniCredit amassed a stake nearing 50%.
The German government holds a 13.3% stake in Commerzbank following a bailout during the global financial crisis.
     

 (Reporting by Christian Kraemer, Maria Martinez and Tom Sims; Additional reporting by Valentina Za
Editing by Tomasz Janowski and Alexander Smith)
 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))