Major Conversion of Synthetic Holdings
UniCredit has taken a significant step forward in its investment strategy by converting a portion of its synthetic position in Commerzbank into shares. This move brings UniCredit’s direct stake in the German lender to about 20%, including voting rights. The Italian banking group, led by CEO Andrea Orcel, confirmed that it had secured all the necessary legal and regulatory approvals to proceed. These approvals came from major institutions, including the European Central Bank (ECB), Germany’s Federal Cartel Office (Bundeskartellamt), and the US Federal Reserve (Fed).
Plan to Boost Voting Power Further
As part of its long-term strategy, UniCredit has already converted around 10% of its synthetic position into Commerzbank shares. The bank also announced plans to convert the remaining 9% “in due course,” which would increase its overall voting rights in Commerzbank to roughly 29%. This gradual approach signals UniCredit’s commitment to strengthening its influence within one of Germany’s leading financial institutions.
UniCredit Emerges as Commerzbank’s Main Shareholder
With these strategic conversions, UniCredit is set to become Commerzbank’s largest reference shareholder. This development highlights UniCredit’s growing ambitions in the European banking sector, as it secures a more prominent role in Commerzbank’s future direction and governance.
