UniCredit said on Friday it has
received the European Central Bank's authorization to acquire a
direct stake in Commerzbank of up to 29.9%.
"While the approval underscores UniCredit's financial strength
and regulatory compliance, there are still many factors that
will determine any further steps and their associated timeline",
the lender said in a statement.
UniCredit's timeline for deciding on whether to proceed or not
with a potential combination with Commerzbank "is now likely to
extend well beyond the end of 2025", it said in the note
announcing the ECB's green light.
"As shareholder, we are pleased that our investment has driven
some positive change at Commerzbank, which, together with the
recent more optimistic view on German macro, has driven a
substantial increase in the bank share price", the statement
also said.
A combination of the Italian lender and Commerzbank would see
one of the country's biggest banks take over Germany's No.2
publicly traded lender.
Commerzbank has been partly state-owned since its bailout in
2008.
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