This year: Unicredit wants to quickly control Commerzbank

Unicredit is pushing: The major Italian bank wants to take control of Commerzbank - and as soon as possible. Their merger with Hypovereinsbank could also happen quickly.

The major Italian bank Unicredit is in a hurry to integrate Commerzbank and its possible merger with Hypovereinsbank. “The next steps are clear,” said Unicredit’s now published quarterly balance sheet. Unicredit announced that if the final approvals for increasing the shareholding were received at the end of November, as expected, an extraordinary general meeting would be called at Commerzbank to elect new supervisory board members.

Unicredit could take control in Frankfurt this year and begin implementing its “Unlocked” strategy in the first quarter of 2027. This poses only limited risks, especially since Unicredit has already gained relevant experience with the restructuring of Hypovereinsbank.

A merger of Commerzbank with the Munich Unicredit subsidiary Hypovereinsbank (HVB) could take place sooner than expected, it said in a presentation. It would “significantly create additional value.” In April, Unicredit boss Andrea Orcel announced this step for the period after 2028. The Italians had secured 49 percent of Commerzbank with a takeover offer. If HVB were incorporated into Commerzbank, the share could increase significantly.

Even with its current stake, Unicredit could increase earnings per share to ten euros by 2028, of which more than eight euros are to be distributed. Commerzbank shareholders, on the other hand, would have to expect lower dividends in the near future because the new strategy is associated with extraordinary provisions, burdens and investments. The Frankfurt financial institution recently distributed almost all of its profits to its shareholders.

In the third quarter, Unicredit's profits rose significantly more than analysts expected by 24 percent to 3.3 billion euros. The experts had expected her to receive 500 million less. Orcel spoke of the “best quarter ever and the best in the entire industry”. For the year as a whole, the number two in Italy now expects a profit before special costs of significantly more than the previously expected 11.5 billion euros.