Berlin demands binding commitments from UniCredit as Italian buyers move deeper into German companies

The German government is pressing UniCredit Chief Executive Andrea Orcel for binding commitments in the dispute over the takeover of Commerzbank, according to government sources reported by Swiss financial site cash.ch. Berlin wants Commerzbank to remain a listed company based in Frankfurt, to be free to expand its lending to mid-sized German companies (the Mittelstand), and to keep major decisions in Germany. The federal government is Commerzbank's second-largest shareholder, with a stake of just over 13%.

According to a German media report, Orcel aims to take over Commerzbank as early as the start of 2027 and to remove Chief Executive Bettina Orlopp. In a base-case scenario, gaining control would take until the end of February, and in the best case until January. Orlopp told the German Press Agency (DPA) that she has a contract until 2029. Approval from the European Central Bank (ECB) is still pending, and a decision is expected in October.

The Economist argues that Commerzbank is only the start, and that Italian companies are buying into German business across several sectors. Italian lenders have rebuilt their capital through years of high interest income, and German banks remain fragmented and valued at lower multiples. That gap gives the buyers the advantage.

Berlin's position has changed. It is now negotiating conditions instead of trying to block the deal, which suggests that the government accepts a cross-border takeover of a major German bank as likely.