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2mo ago

Commerzbank Reports Record Profit and Opens Talks as UniCredit Nears Control

Record results and an ECB‑approved €1.2 billion buyback strengthen Commerzbank's leverage ahead of a supervisory decision that could hand UniCredit control.

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Die Commerzbank hat im ersten Halbjahr ein Rekordergebnis erzielt und in ihrem Kampf gegen die Übernahme durch die italienische Großbank Unicredit ein weiteres Aktienrückkaufprogramm angekündigt.
Commerzbank Zentrale in Frankfurt am Main.

Overview

  • Commerzbank said on Thursday, August 6 that second‑quarter profit rose to €898 million and first‑half net profit reached €1.8 billion, its strongest result on record.
  • The bank announced an ECB‑approved share buyback program of up to €1.2 billion and said it has begun constructive talks with majority holder UniCredit to shape future governance.
  • UniCredit now has access to almost half of Commerzbank's shares and its CEO Andrea Orcel has signaled an expectation of gaining control once regulators complete their review.
  • Germany's BaFin has forwarded UniCredit's file to the ECB for a formal supervisory assessment and the federal government, which holds about 12%, has indicated it will not block the takeover.
  • Key stakes in negotiations include planned job cuts and the fate of Commerzbank's international network, while earlier accusations that UniCredit inflated its stake prompted regulatory scrutiny but no criminal charges.