Italy's second-biggest bank, led by chief executive Andrea Orcel. UniCredit already owns HypoVereinsbank (HVB), a leading German lender strong in Bavaria, in the south and the north. UniCredit began building a stake in Commerzbank, Germany's second-biggest listed lender, in September 2024 and now owns just under 30% (effectively 36% counting total-return swaps). On May 5th 2026 it made a lowball offer—at an implied price more than 8% below Commerzbank's previous close—valuing the bank at €35bn. With Commerzbank, the combined group would have around 9% of the German banking market by revenue.
You will be surprised by a loud noise.