Commerzbank's Turnaround: Record Profits Meet UniCredit's Advances
Commerzbank's fortunes have taken a dramatic turn as record profits and an olive branch from CEO Bettina Orlopp to UniCredit's Andrea Orcel have shifted the chessboard in their takeover saga. Orlopp, who had previously pushed back against UniCredit's advances, is now pressing for rapid dialogue, citing momentum that benefits both institutions.
The Italian lender has requested European Central Bank approval to push its stake beyond 30 percent, with Germany's BaFin having already forwarded a positive recommendation on the exchange offer. The ECB has up to 60 working days, extendable by another 20, to render its verdict, which could see the decision land before year-end.
Commerzbank delivered the strongest first half in its recent history, with net profit climbing 40 percent to €1.8 billion and operating profit rising 14 percent to €2.7 billion. The second quarter alone saw net profit nearly double from €462 million to €898 million, a 94 percent jump year-on-year that comfortably beat analysts' expectations.