UniCredit gets ECB nod on Commerzbank stake, but delays merger decision

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Milan: Italian banking Dev Unicardt said on Friday that it had obtained approval from the European Central Bank to increase its shares in the Kams Bank, but warned that it still had obstacles before the German rival’s possible occupation.

The ECB, which oversees the banking system in the European Union’s joint currency zone, agrees that the Italian lender can buy up to 29.9 % of the bank’s bank, said in a statement.

Still, the bank said it would take more time to decide on a possible occupation initially, which both of the Bank and Berlin oppose, with this timeline “is now likely to go beyond the end of 2025”.

The Kams Bank has vowed to fight any occupation, and the Uniconductionist’s view has incited German politicians, including the outgoing Chancellor Olaf Schools and his potential successor, Frederick Mirza, whose conservatives won the election last month.

“It is waiting for the opportunity to launch a constructive dialogue with a new German government,” Unicardt said on Friday, “Unicardt said on Friday.

The story began in September when Unicardt revealed that he had talked about his rival and mobilized that Chief Executive Andrea and Sil, a passionate pan, wanted to move forward for European banking integration.

Subsequently, the Unicardt has increased its holding in Germany’s second largest bank to about 28 %, of which 18.5 % are conducted by derivatives, which is a form of financial contract. A German government spokesman said that the ECB’s decision did not change Berlin’s status, which supports Commerce Bank’s sovereignty.

“The government has repeatedly reaffirmed its decent and humorous approach, and it has been considered that the occupation of the banking sector is not appropriate,” he said.

Still many factors

Kams Bank also said that the ECB’s Green Light on Friday “does not change the basic situation: Unicarest is the shareholder of the Bank of the Bank”.

“We are convinced of our strategy, which aims to increase profitable growth and value, and we are focusing on its successful implementation,” he said. Last month, Kams Bank announced that it had planned to increase its share price and reinforced its defense against its Italian sweater, about 10 percent of its workforce – about 10 percent – about 3,900 jobs.

After 2028, after a job deduction, the lender did after earning a record profit in 2024. Unicardt on Friday welcomed some positive changes to the Kams Bank, which, together with the recent more hopeful ideology about the German macro (economy), increased the price of bank shares. “

Since the uniconductive move in September, the price of shares of the Warms Bank has almost doubled. The Italian Bank said, “However, only the important time will be revealed if the project is viable and therefore determine whether the definition of such prices is legitimate and sustainable.”

Unicardt said the ECB’s permission emphasized its “financial power and regulatory compliance” but said that there are still many factors that will determine their plans on the commerce.

It states that “before the derivatives about 18.5 percent of the shares can be converted into physical shares, many further approval are needed before. And Sal said in January that they would not rush to any occupation, and they were ready to run, but would wait until the result of German elections.

Berlin still holds a 12 % share of the borrower, which is a government bailout heritage during the 2008 global financial crisis. Mirz, who is talking to form a coalition government after the February vote, in an interview with a economist last month, described a potential bid for the Kamerbank as “enemy”. However, some EU policy makers have supported the idea of ​​a tie -up, saying it will improve a heavyweight to compete internationally. News News Desk