ECB leans toward approving UniCredit’s €43 billion Commerzbank bid

The European Central Bank is leaning toward approving UniCredit’s €43 billion takeover of Commerzbank, according to an internal document outlining the regulator’s preliminary assessment.

The ECB found “no grounds to object” to the transaction, which would create one of Europe’s largest lenders. Its approval would remove the main regulatory hurdle facing UniCredit’s hostile bid after the Italian bank built a stake of roughly 48% in Commerzbank.

The regulator nevertheless described the proposed integration as challenging and long-lasting. It highlighted Commerzbank’s size and complexity, cultural differences between the banks, strained cooperation, and material execution risks created by the hostile process.

Germany’s BaFin also raised concerns about UniCredit’s governance, checks and balances, and conduct during the takeover. The German supervisor called for stronger oversight and a credible plan to rebuild support among Commerzbank management, employees, unions, and political stakeholders.

The ECB said several governance and anti-money laundering concerns were already being addressed through supervisory measures. The application remained incomplete when the document was presented, with a final review expected in September or October 2026.