In 2024, UniCredit multiplied its strategic offensives. After significantly increasing its stake in Commerzbank, with a clear ambition to buy the German bank, it also made a hostile bid for Banco BPM. The stated aim was to create a banking giant in Europe. However, by trying to impose itself on all fronts, the risk of indigestion was becoming obvious. The latest statements by Jens Weidmann, Chairman of Commerzbank's Supervisory Board, seem to confirm that this strategy has not made everyone happy.

In an interview with the business daily Handelsblatt, Jens Weidmann discusses the way in which UniCredit acquired a stake in Commerzbank, underlining a negative internal perception of the operation. In his view, an amicable merger seems highly unlikely, largely due to the method employed by UniCredit.

"It's like in any relationship: if the beginning isn't successful, it will be difficult," he explains, before adding that "in mergers, it's important that managers first talk to each other in a spirit of trust and develop a common understanding. UniCredit decided not to do this and surprised us with its entry. It's not a good style."

UniCredit currently holds around 28% of Commerzbank's capital, of which 9.5% in direct shares and 18.5% via financial instruments. For Jens Weidmann, it is in Germany's interest to maintain two major national banks, Deutsche Bank and Commerzbank. In his view, a takeover by UniCredit "would risk reducing Commerzbank's footprint in Germany and weakening Frankfurt as a financial center".

At this stage, Commerzbank's position seems clear: the idea of a merger does not appeal, and the way in which UniCredit has gone about it has rather contributed to tense discussions. It remains to be seen whether the Italian bank will insist or reconsider its expansion strategy.