Banks: Unicredit takes a step closer to acquiring Commerzbank
The Bafin has classified the application for a majority stake as complete. Now the ECB is examining Unicredit's entry into the next phase.
Frankfurt - The gradual takeover of Commerzbank by Unicredit has cleared an important regulatory hurdle. The German financial watchdog Bafin informed the Italian bank that its application for a majority stake in Commerzbank can be further processed. Bafin notified Unicredit at the end of July that the application to increase its share in Commerzbank is complete.
The ECB is primarily responsible for overseeing Unicredit and Commerzbank. However, the Bafin first takes charge of the ownership control procedure, providing the ECB with a preliminary assessment and suggesting a decision. The final decision then lies with the ECB. Since Unicredit and Commerzbank have been under ECB supervision for years, all parties assumed from the start that the supervisory authority would approve the Italian bank's increase in its share.
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