The headquarters of Commerzbank AG in the financial district of Frankfurt, Germany, on Thursday, September 12, 2024.
Emanuele Cremaschi Getty Images News | Getty Images
Italy’s UniCredit said on Wednesday it raised its potential stake in Commerzbank to 28% using more derivatives, as markets watch whether it will jump on a takeover of the German lender.
This has increased from the previous 21% share.
Italy’s second-largest bank said it owns 9.5% direct ownership and about 18.5% through derivative instruments.
UniCredit has asked the European Central Bank for permission to acquire a 29.9% stake in the German bank, as CEO Andrea Orcel simultaneously bids for Italian peer Banco BPM.
“This move reinforces UniCredit’s view that there is significant value to be crystallized within Commerzbank,” UniCredit said in a press release on Wednesday. “It reflects the belief in Germany, its companies and its communities, and the importance of a strong banking sector in driving Germany’s economic development.”
The lender stressed that its position remains “an investment only” at this point and that it has no influence on its bid for Banco BPM.
Commerzbank said it had “taken the announcement” but declined to comment on its strategy, which is currently being revised and will be unveiled on February 13.
This latest news is being updated.
— CNBC’s Greg Kennedy contributed to this report.
