However, the move has raised nationalist concerns between Italy and Germany, as UniCredit, a major Italian bank, shakes up the European banking landscape.

Despite the approval, a decision on a full merger is not expected until 2026, as Orcel aims to engage with the new German government.

Previously, Commerzbank had dismissed UniCredit's interest, perceiving their approach as hostile and distancing itself from the Italian bank after its initial investment last year.

On April 14, 2025, the German Federal Cartel Office approved UniCredit's acquisition of a 29.99% stake in Commerzbank, marking a significant step in the financial sector.

The German Finance Ministry has reiterated its support for Commerzbank's strategy of maintaining independence and its financial goals, opposing any hostile takeovers.

The Bundeskartellamt determined that this acquisition would not harm competition in the banking sector, alleviating some concerns.

In response to the acquisition, Commerzbank is actively promoting its independence, emphasizing rising dividends and ambitious return targets for shareholders, despite announcing a reduction of approximately 3,900 full-time positions.

UniCredit's CEO, Andrea Orcel, known for his expertise in mergers and acquisitions, has faced challenges in this consolidation effort over the past several months.

Orcel has been pursuing the acquisition for months, leveraging the German government's partial exit from Commerzbank in September 2024 to increase UniCredit's holdings.

Concerns have emerged regarding potential job losses and economic implications, particularly for small and medium enterprises, due to the change in control of Commerzbank.

Commerzbank maintains a strong presence in trade finance services, with significant competitors like Deutsche Bank and DZ Bank remaining in the market.

Even with a potential merger, competition in retail banking is expected to persist, given the presence of savings banks and other local banks.