Overview

• The European Commission concluded that the proposed merger poses no further competition risks in 181 overlapping local markets provided UniCredit cedes 209 branches under an independent trustee’s supervision.
• Brussels dismissed a request by Italy’s competition authority to transfer the case for national review, citing its extensive expertise in banking sector analysis.
• Completion of the €10.5 billion all-stock deal remains contingent on Italy’s final decision on its golden power invocation, which could impose additional strategic conditions or block the transaction.
• Rome has already imposed stipulations requiring UniCredit to exit most Russian operations by early 2026 while maintaining payment services for Italian firms.
• UniCredit has reiterated that its Russian business operates in full compliance with EU sanctions and supervisory standards, with assets largely segregated and risk exposure covered by excess capital.