Investment Banking

UniCredit receives ECB approval to up Commerzbank stake to 29.9%

The Italian lender said that it would take more time, and more approvals, to convert its derivatives investments into stock

UniCredit said that it will take ‘significant’ time before it knows whether a takeover of Commerzbank is feasible
UniCredit said that it will take ‘significant’ time before it knows whether a takeover of Commerzbank is feasible Photo: Emanuele Cremaschi/Getty Images

UniCredit has received approval from the European Central Bank to increase its stake in Commerzbank to 29.9% as chief executive Andrea Orcel continues his long pursuit of the German lender.

The Italian bank said that the ECB has given it the green light to increase its stake. UniCredit has built up an investment of around 28% in Commerzbank, but much of this has been through derivative products, rather than direct stock.

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