The management of the German bank Commerzbank has warned the German authorities that the possible its acquisition by the Italian financial group UniCredit would pose a threat to business in the country, the Financial Times (FT) newspaper reported, citing anonymous sources.
According to their information, the acquisition of one of the largest banks in Germany by the UniCredit group may complicate lending to small and medium-sized businesses in the country, since after a possible takeover, credit and risk decisions will be managed by Italian country. This would jeopardize continued cooperation with more than 25,000 German companies, many of which have used Commerzbank's services for decades. The publication's sources note that the bank's senior management has shared similar concerns with representatives of the German leadership.
Commerzbank is one of the largest corporate lenders in Germany. It also accounts for about 30% of the state's export financing. At the same time, the bank's shares have risen by 24% since UniCredit announced the purchase of its shares on September 11. According to the publication, the concerns of Commerzbank's management are explained by the fact that, during financial difficulties, UniCredit adheres to the “Italy first” approach. and cannot act in the interest of its German clients by harming the German economy.
On September 20, the German Financial Agency announced that the German government no longer plans to sell state shares in Commerzbank. It is noted that this decision was taken by the interdepartmental coordination committee. They explained that the financial organization's development strategy is aimed at ensuring its independence, and the state intends to accompany this process by retaining its share in the bank's ownership.
The German government became part owner of Commerzbank in the wake of the 2008-2009 financial crisis, when it lent more than 18 billion euros to stabilize the business. On September 4, the authorities announced their intention to gradually sell the bank's shares. On September 11, the Financial Agency reported that the German government had sold a 4.49% stake in Commerzbank to the Italian group Unicredit, which now owns 9%. As a result of the transaction, the share of state participation in the bank decreased from 16.49% to 12%.
As noted by the agency DPA, the German authorities did not expect that the Italians would acquire shares in the institute so quickly and in such quantities. Also, on September 12, Unicredit chief Andrea Orsel said the banking group was considering a full takeover of Commerzbank. The DPA links the German government's decision not to sell any more shares to Unicredit's actions.