UniCredit Pledges to Finance German Companies, Defers Full Merger to 2029-2030
Key Facts
On October 30, UniCredit pledged to continue financing Germany’s medium-sized Mittelstand companies, seeking to ease concerns about the impact of its potential takeover of Commerzbank on corporate lending. Chief Executive Andrea Orcel said the bank would strengthen support for corporate clients, building on and developing HVB and Commerzbank’s networks and relationships. He added that UniCredit would increase its capacity to finance companies’ growth. The pledge comes amid concerns voiced by German companies, bankers and politicians that UniCredit could turn its back on German businesses if it completes the takeover. Commerzbank welcomed the pledge, according to Reuters.
Reuters said the additional financing pledged by UniCredit aims to help companies make strategic investments, transform their businesses, carry out acquisitions and achieve growth. That gives the pledge a broader scope than simply maintaining existing lending, as it includes financing companies’ plans and expansion. Orcel said: "We will strengthen our support for corporate clients, building on and developing the existing networks and relationships of HVB and Commerzbank, and increase our capacity to finance companies’ growth." Commerzbank welcomed the commitment as UniCredit seeks to gain control of it. According to the Reuters report, German concerns centered on the continuation of financing for local companies after a change of control.
According to a Reuters report on October 15, the takeover offer process, which was completed in July, raised UniCredit’s stake in its German rival to 48%. The European Central Bank said it had approved a holding above the 30% threshold and an increase in the stake without an upper limit. UniCredit said it expects to be able to take control of Commerzbank by the end of the year, with about 50% of voting rights, after completing the remaining procedures and regulatory conditions. German government representatives’ demands linked to the deal include keeping Commerzbank’s headquarters in Frankfurt, protecting jobs and continuing to lend to German companies. These demands form the immediate backdrop to the concerns the financing pledge is intended to address.
Alongside the control process, Orcel asked Commerzbank to adopt UniCredit’s strategy to increase profits starting in January, while deferring a full merger until 2029-2030, Reuters reported. The timetable separates the start of the profit-boosting plan from the full integration of the two banks. The European Commission’s next step has a deadline of November 16, when it is expected to issue its decision on UniCredit’s request for antitrust approval of the takeover. The deadline follows the European Central Bank’s approval to exceed the ownership threshold and increase the stake. The European decision would mark another regulatory milestone in the deal process.
In the German economy, gross domestic product grew 0.2% in the third quarter of 2026 compared with the second quarter, adjusted for prices, seasonal effects and calendar effects, according to the Federal Statistical Office. Year on year, GDP rose 1.3% after price adjustment compared with the third quarter of 2025. The office said final consumer spending increased slightly from the previous quarter, while capital formation declined. Export momentum, which had been strong in the first half of the year, also slowed markedly. The data place the corporate financing pledge in the context of an economy that recorded quarterly and annual growth, with differences among spending components.
In trading, UniCredit’s Milan-listed shares fell 1.11% intraday at 07:26 Eastern Time on October 30, according to data cited by Reuters. This was an intraday reading, not a daily close. EL7 data showed the ticker UNCRY closed at 41.52 on October 29, compared with 41.72 the previous day. The ticker CRZBY also closed at 42.94 on October 29. EL7 data did not specify the currency for these values.