Commerzbank said on 24 September 2025 that it had received approval from the European Central Bank for a share buyback of up to EUR 1 billion, as the German lender continues to resist a takeover approach from UniCredit.
Commerzbank had said on 6 August 2025, when it reported second-quarter results, that it had applied to regulators for approval to buy back up to EUR 1 billion of its shares. At the same time it raised its 2025 net profit outlook to around EUR 2.5 billion after restructuring expenses, from an earlier forecast of EUR 2.4 billion. Second-quarter net profit fell 14% year on year to EUR 462 million, after restructuring expenses linked to planned job cuts, which totalled EUR 534 million in the first half.
UNICREDIT STAKE
UniCredit increased its equity stake in Commerzbank to 26% in late August 2025, up from about 20% at the time of Commerzbank's second-quarter results. The Milan-based bank had received ECB approval in March 2025 to raise its holding to up to 29.9%, and Germany's cartel office cleared the stake in April 2025.
Commerzbank chief executive Bettina Orlopp said in August: “The shareholding situation with UniCredit is, to put it mildly, not ideal, as UniCredit is a direct competitor in the German market.” She added: “Our expectation is clearly that they act as an investor and nothing else.”
CAPITAL RETURNS
The buyback extends Commerzbank's programme of capital returns to shareholders while it resists UniCredit's approach. The German government, which retains a stake in Commerzbank, has opposed UniCredit's build-up of its holding.
Bank news that matters, every weekday.
Follow The Global Banker on LinkedIn