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UniCredit posts surprise profit jump, drops Banco BPM bid

UniCredit has today posted a much higher than expected quarterly profit and raised its 2025 outlook, a day after ditching a takeover bid for rival Banco BPM which had led Italy's second biggest bank to clash with the government.

Business • 23 Jul

Court scraps some demands in UniCredit's BPM bid

An Italian court has scrapped some of the conditions Rome had set to clear UniCredit's takeover offer for Banco BPM, except a request that it stop operating in Russia - which the Milan-based lender may struggle to comply with.

Business • 14 Jul

Commerzbank official tells UniCredit CEO to sell, go home

UniCredit's recent push for a tie-up with Commerzbank has prompted calls by a top official of the German bank for the Italian lender's CEO, Andrea Orcel, to abandon the pursuit.

Business • 04 Jul

UniCredit CEO says likely to withdraw offer for Banco BPM

The chief executive of UniCredit said in a newspaper interview the Italian bank was likely to withdraw its offer for smaller peer Banco BPM.

Business • 20 Jun

UniCredit has posted a surprise increase in first-quarter profit

UniCredit ups profit outlook, to be selective on deals

Italy's second-biggest bank UniCredit has strengthened its 2025 outlook after posting a surprise increase in first-quarter profit, and said it would pursue deals only if they further improved its "unmatched standalone case".

Business • 12 May

Commerzbank is fending off a possible takeover by Italy's UniCredit

Commerzbank posts surprise profit increase

Commerzbank, fending off a possible takeover by Italy's UniCredit, said today that net profit rose nearly 12% in the first quarter, beating expectations despite strong headwinds for the German economy.

Business • 09 May

UniCredit last week received a green light from the European Central Bank for the Banco BPM deal

UniCredit to launch BPM bid on April 28

UniCredit said it would launch on April 28 its buyout offer for Banco BPM on the same day as French bank Credit Agricole said it had secured supervisory approval to hold up to 19.9% of BPM's capital.

Business • 02 Apr

UniCredit's plans for Commerzbank have sparked an angry backlash in Germany

UniCredit secures ECB's approval for Commerzbank stake

The European Central Bank has given UniCredit approval to buy up to 29.9% of Commerzbank, the Italian bank said today, adding it would likely wait until next year before deciding whether to pursue an acquisition.

Business • 14 Mar

Bettina Orlopp, the CEO of Commerzbank, has been working on the bank's strategy update for months

Commerzbank to cut 3,900 jobs as it fends off UniCredit

Commerzbank said today it would cut 3,900 jobs and unveiled more ambitious financial targets as part of a strategy revamp designed to head off UniCredit's advances for a tie-up between the German and Italian lenders.

Business • 13 Feb

The battle for Commerzbank is pitting one of Italy's biggest banks against the German establishment

Commerzbank plans job cuts to keep UniCredit away

Germany's Commerzbank is preparing staff cuts and revamped financial targets in its efforts to fend off tie-up advances by Italy's UniCredit, multiple people with direct knowledge of the plans told Reuters.

Business • 12 Feb

Unicredit said its profit in the October-December period totalled €1.97 billion

UniCredit vows to keep 2025 profit steady as revenues dip

UniCredit has today posted better than expected 2024 earnings and said it aimed to keep profit stable this year despite decliningrates, promising to increase shareholder rewards in 2025-2027.

Business • 11 Feb

Andrea Orcel, the CEO of Uncredit, is at Davos this week

Commerzbank says UniCredit's approach is hostile

Commerzbank has defined UniCredit's approach for a potential tie-up as "hostile", and said there had been no discussion of it with the Italian bank in the past two years, despite UniCredit CEO Andrea Orcel saying there had.

Business • 23 Jan

Italy's UniCredi has raised its stake in Germany's Commerzbank to 28% using derivatives

Germany rejects UniCredit's new Commerzbank stake hike

Germany has rejected UniCredit's latest Commerzbank stake increase as an "uncoordinated and unfriendly approach", strongly rebuking the Italian bank.

Business • 19 Dec 24

Italy's UniCredit has raised its stake in Germany's Commerzbank to 28%

UniCredit cranks up its Commerzbank stake

Italy's UniCredit said today it had raised its stake in Commerzbank to 28%, ratcheting up the pressure on the German lender while at the same time it pursues a bid for smaller domestic rival Banco BPM.

Business • 18 Dec 24

UniCredit said the buyout offer for Banco BPM was independent of its proposed investment in Germany's Commerzbank

UniCredit launches surprise €10 billion bid for Banco BPM

Italy's UniCredit has today launched a surprise €10 billion bid for domestic peer Banco BPM, which CEO Andrea Orcel said would take precedence over any potential move on Germany's Commerzbank.

Business • 25 Nov 24

Italy's UniCredit is considering a bid for Germany's Commerzbank

ECB will do 'anything' to remove hurdles to bank mergers

The European Central Bank will do "anything" to remove hurdles to cross-border bank mergers in the euro zone, supervisory chief Claudia Buch said today, as Italy's UniCredit eyes a bid for Germany's Commerzbank.

Business • 02 Oct 24

Europe needs bigger banks to compete with US rivals

Europe needs bigger and stronger banks that can compete with their US and Chinese rivals, European Central Bank President Christine Lagarde said today, just as Italy's UniCredit was looking to possibly take over Germany's Commerzbank.

Business • 30 Sep 24

Today's meeting was the first talks between the two banks as UniCredit presses for a possible tie-up and Commerzbank hones its defence

Commerzbank's designated CEO meets UniCredit for talks

Commerzbank's designated CEO Bettina Orlopp met with bankers from UniCredit virtually this morning, two people with knowledge of the matter told Reuters, as the German bank kicked off talks with its Italian suitor.

Business • 27 Sep 24

Commerzbank said its supervisory and management boards have unanimously agreed to support the bank's current strategy of independence

Commerzbank to begin talks with Italy's UniCredit

Commerzbank will hold a first round of talks with UniCredit tomorrow as the Italian lender presses for a possible tie-up, the German bank's designated CEO, Bettina Orlopp said today.

Business • 26 Sep 24

Bettina Orlopp is currently Commerzbank's chief financial officer

Commerzbank names CFO Orlopp as new CEO

Bettina Orlopp will take over as chief executive officer of Germany's Commerzbank in the near future, making her one of the country's highest-profile bankers during a tumultuous time for its second biggest lender.

Business • 25 Sep 24

UniCredit said it had filed a request to the European banking supervisor for permission to build up a holding of up to 29.9% in Germany's Commerzbank

UniCredit uses derivatives to get 21% Commerzbank stake

Italy's UniCredit has defied Germany's defence of Commerzbank by using derivative contracts today to raise its potential stake in the German lender to near 21%, while waiting for regulatory approval to go above 9.9%.

Business • 23 Sep 24

UniCredit is now the single largest private investor in Commerzbank after spending €1.5 billion to buy 9% of the German rival

Italy in favour of UniCredit-Commerzbank deal if HQ stays

Italy's government views favourably UniCredit's efforts to build a large European banking group through a merger with Germany's Commerzbank as long as the Milanese bank keeps its central functions in Italy, sources close to the matter said.

Business • 19 Sep 24

Unicredit's chief executive Andrea Orcel

Unicredit, Commerzbank merger would add value - Orcel

A merger of UniCredit and Commerzbank could add value for all stakeholders and create a stronger bank, UniCredit CEO Andrea Orcel told a German newspaper today, adding a decision was in the hands of Commerzbank stakeholders.

Business • 16 Sep 24

Italian lender Unicredit earlier this week bought a 9% stake in Commerzbank

Unicredit & German govt talk after Commerzbank stake deal

German government officials and UniCredit bankers have held talks after the Italian lender bought a 9% stake in Commerzbank, a German government source said today.

Business • 13 Sep 24

The purchase of the 9% stake makes UniCredit one of Commerzbank's largest shareholders

UniCredit buys Commerzbank stake from Germany

Italy's UniCredit said today that it had acquired a 9% stake in Germany's Commerzbank and will "explore value creating opportunities for all stakeholders in both banks".

Business • 11 Sep 24