Commerzbank's Regulatory Clock Starts Ticking Amid UniCredit Takeover Bid

Commerzbank's regulatory clock is ticking as Germany's financial regulator BaFin has deemed UniCredit's application to raise its stake above 30 percent complete and forwarded it to the European Central Bank's supervisory arm for a final decision.

This procedural step injects momentum into a months-long standoff between Commerzbank and UniCredit, which has kept investors guessing. The regulatory development comes as the Frankfurt-based lender upgraded its full-year net profit guidance to at least €3.4 billion, up from a previous target of 'more than €3.2 billion.'

The revision follows a second quarter in which net income nearly doubled year on year, with operating profit rising 17 percent to €1.367 billion and total revenues advancing 9 percent to €3.299 billion.