The news was published by Repubblica, not by Il Sole 24 Ore as erroneously reported in the previous article.
(Alliance News) - UniCredit's offensive on Commerzbank continues to fuel tensions in Germany.
German Chancellor candidate Friedrich Merz has once again openly criticized the strategy of the bank led by Andrea Orcel, accusing it of undermining confidence in an institution considered strategic for the country, as reported by La Repubblica on Friday.
'This is not how institutions like a German bank should be treated,' Merz stated while addressing business leaders in Berlin, adding that while Europe needs large banking groups, it does not need 'unbounded' acquisitions. 'This is how trust is destroyed, not built,' he added.
On Tuesday, UniCredit officially launched its bid for Commerzbank, declaring it could reach a 35.5% stake. Berlin remains the bank's second-largest shareholder with approximately 12%.
Today, Commerzbank will present its new financial targets through 2030, which could include further headcount reductions following the 3,900 exits already initiated since the start of 2025.
Meanwhile, UniCredit has unexpectedly announced a reduction of its presence in Russia, a dossier that had drawn the Italian government's attention in recent months and also weighed on the 'golden power' issue related to Banco BPM.
According to UniCredit, the deal is expected to generate a capital benefit of approximately 35 basis points, with no impact on shareholder distribution policy or 2030 financial targets.
The transaction will nonetheless require approval from Russian authorities. Kremlin spokesperson Dmitry Peskov explained that the matter will be evaluated within the framework of procedures established by special legislation currently in force.
By Chiara Bruschi, Alliance News reporter
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