UniCredit Raises Stake in Commerzbank to 26%, Targeting 29%

In line with its July timeline, UniCredit has completed the conversion of part of its synthetic stake in Commerzbank into physical shares, bringing its holding in the German bank to around 26%, fully consolidated in its accounts.

The remaining synthetic position will be converted over time, raising UniCredit’s total stake to about 29%.

The impact on UniCredit’s CET1 ratio from the Commerzbank stake has increased to 145 basis points (from the previously communicated 110 bps), due to Commerzbank’s higher share price and the restructuring of the derivative collar hedge, designed to limit future earnings volatility. The expected return on investment remains at around 20%.

With this move, UniCredit further strengthens its role as Commerzbank’s largest shareholder.

While the Italian lender does not currently plan to seek a seat on the board, it confirmed it will closely monitor Commerzbank’s progress in sustainable business growth and value creation for shareholders, clients, and employees.

“UniCredit’s investment has already outperformed predefined financial metrics, delivering significant value for shareholders,” the bank stated.