Germany pushes for Commerzbank stock listing as UniCredit aims for deal

Berlin is advocating for Commerzbank to maintain its German identity through a domestic stock market listing, according to sources familiar with the matter. This comes as the bank prepares for a potential takeover by Italian bank UniCredit. German Finance Minister Lars Klingbeil will discuss these demands during a planned meeting with UniCredit CEO Andrea Orcel in Berlin, following a previous failed attempt to block the takeover.

A merger between UniCredit and Commerzbank would result in a bank with assets exceeding €1.3 trillion, aligning with the European Central Bank's goal of increased cross-border consolidation in European banking. UniCredit has reportedly received approval from the European Central Bank for the transaction. Commerzbank and Berlin tried to prevent the takeover, but UniCredit now holds nearly 50% of the bank.

Orcel has stated that Commerzbank will undergo 7,000 job cuts. Both sources, who wished to remain anonymous due to the sensitive nature of the situation, emphasized the importance of preserving Commerzbank's business of providing credit to German firms and its role in financing medium-sized companies in Europe's largest economy.

Klingbeil will reportedly ask that no forced redundancies occur and that the government, holding a 12% share in Commerzbank, retains the right to appoint two non-executive directors, maintaining some level of influence.