UniCredit Pledges to Finance German Companies, Delays Full Merger Until 2029–2030
Key Facts
Italy’s UniCredit bank has pledged to finance German companies as part of its bid to acquire Commerzbank, according to the headline of a Reuters report published on October 30. The pledge is at the center of a debate over continued lending to companies in Germany if the cross-border deal proceeds. The German government owns 13.3% of Commerzbank and is seeking to protect its role as a key lender to small and medium-sized companies, Reuters reported, citing Berlin’s position. The government also wants to preserve a capital base that would allow the bank to continue financing those companies. Government sources said key decisions should remain in Germany.
Berlin’s demands go beyond maintaining credit; the government also wants Commerzbank’s headquarters to remain in Frankfurt and jobs to be protected, Reuters reported. These demands place financing for German companies among a set of issues tied to the bank’s future if control passes to UniCredit. Government sources said maintaining an adequate capital base is essential to supporting the bank’s lending role. UniCredit welcomed dialogue with German government representatives but declined to comment on its details before it concludes, according to the report. The available materials provided no further details on the scope or terms of the financing pledge.
On the execution front, Reuters reported that UniCredit had informed Commerzbank of a plan to boost profits starting in January, while postponing a full merger until 2029–2030. This means the profit improvement plan and full merger are proceeding on different timelines, according to the agency’s account of the plan. In October, UniCredit said completion of its takeover offer remained conditional on completing regulatory procedures and meeting outstanding conditions. Reuters reported that approval to exceed the 30% threshold was among the regulatory developments in the deal, while other procedures remained pending toward the end of the year. The agency noted that the German government wants to protect lending to companies, jobs and the bank’s Frankfurt headquarters.
The developments come as a table published by Germany’s Federal Statistical Office on October 30 showed that price- and calendar-adjusted gross domestic product grew 0.2% quarter on quarter in the third quarter of 2026. The figure covers the three months of the quarter and is not a growth rate for the day the table was published. This performance places corporate lending in a domestic context of limited quarterly growth. In the stock market, UniCredit shares, traded under the ticker UNCRY, closed at $41.52 on October 29, compared with a close of $41.72 in the previous session. Commerzbank shares, traded under the ticker CRZBY, ended the same session at $42.94.