UniCredit could add German board members to secure Commerzbank

UniCredit Spa is open to adding more Germans to its board, if that would help secure a deal to acquire Commerzbank AG, the Financial Times reported on Friday.

The Milan-based lender's attempt to buy its Frankfurt-based peer has been opposed by the German government in Berlin, but it would be willing to set aside "a relevant proportion" of its board seats for German nationals, the FT said, citing "people familiar with the matter".

In a merged group, a third of the balance sheet would come from Germany, the newspaper noted.

Last week, UniCredit Chief Executive Andrea Orcel said the Italian bank has increased its stake in Commerzbank to 29%.

"We are in a situation where we now have full control of our 29% physical shares in Commerzbank," Orcel told the Bank of America 30th Annual Financials CEO Conference 2025 in London. "That 29% is getting consolidated."

UniCredit had recently increased its holding in Commerzbank to 26%. Earlier this month, CEO Orcel said UniCredit targets a 30% stake in Commerzbank by year-end. If the 30% threshold is exceeded, UniCredit would be required to make an offer to the remaining shareholders of the DAX 40 index constituent.

At the time, Orcel left open the question of when his bank would make such an offer, dpa reported. Ultimately, a merger is a question for shareholders and the board, he argued.