UniCredit CEO says taking control of Commerzbank ‘not the expected scenario’

UniCredit CEO Andrea Orcel informed CNBC Tuesday that he doesn’t foresee a future the place the Italian lender absolutely controls Commerzbank.

Orcel’s feedback got here as the Italian lender’s tender provide to boost its stake in the German financial institution kicks off.

“If we get to control, which isn’t the expected state of affairs at the second, what we’d do may be very clear, and the returns on that might be … very optimistic for our shareholders, and likewise for the shareholders of Commerzbank, but it surely’s as much as them,” he informed CNBC’s Carolin Roth.

“We’re not likely fretting it. We’re simply specializing in delivering, and we have finished all we might to interact, and now we’re simply taking a look at what shareholders will do.”

Final month, UniCredit introduced a suggestion to construct extra shares in Commerzbank, structured as a share change. The transfer goals to extend UniCredit’s holding in Commerzbank to greater than 30%, a key regulatory threshold.

It already holds a 28% stake in Commerzbank, after steadily rising its funding in the German lender since taking a minority stake in 2024.

The tender provide for Commerzbank begins on Tuesday.

On Monday, UniCredit shareholders voted to approve the issuance of 470 million new shares which might be exchanged for Commerzbank shares tendered in the provide.

Orcel’s interview with CNBC got here after UniCredit revealed its first-quarter earnings, which had been touted as the financial institution’s twenty first quarter of worthwhile development and its greatest quarter on document.

Quarterly internet revenue grew 16.1% year-on-year to three.2 billion euros ($3.74 billion), nicely above the 2.8 billion euros expected by analysts polled by LSEG.

Shares of UniCredit had been up by round 3% in early commerce on Tuesday.

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