Andrea Orcel clears ECB hurdle for Commerzbank tak...

Summary

• UniCredit chief Andrea Orcel won clearance from the European Central Bank to take control of Commerzbank, the Italian lender said on Friday.
• The European Central Bank let UniCredit cross the 30% ownership line in Commerzbank.
• Orcel’s plan for Commerzbank Andrea Orcel wants Commerzbank to follow the strategy he has drawn up, starting in January, to lift profits at the Frankfurt-based bank.

AI Generated Summary

UniCredit chief Andrea Orcel won clearance from the European Central Bank to take control of Commerzbank, the Italian lender said on Friday.

The European Central Bank let UniCredit cross the 30% ownership line in Commerzbank. It also allowed the bank to “increase its stake further without upper limits.”

The decision follows a hostile takeover offer worth €45 billion that closed in July. That bid lifted UniCredit’s holding in its German rival to 48%.

Andrea Orcel eyes control by year-end

UniCredit said it expected to reach control by the end of the year, holding around half of the voting rights. First, it must finish some remaining regulatory steps.

Together, the two lenders could form the biggest cross-border banking tie-up in Europe since the financial crisis. UniCredit already has a foothold in Germany, since it has owned the Bavarian bank HVB since 2005.