Germany open to selling Commerzbank stake to UniCredit if strategy aligns

After months of political posturing and regulatory chess, senior German government officials are now willing to sit down and talk about selling Berlin’s 12.7% stake in Commerzbank to UniCredit. The catch: the Italian banking giant needs to agree on a joint strategic plan first. From rejection to negotiation UniCredit launched a voluntary exchange offer for Commerzbank shares back in March 2026, and by July 8, the Italian lender had secured roughly 47.6% of shares, representing 49.7% of voting rights. Those numbers are still pending regulatory approvals. Germany’s initial response was blunt. In June 2026, the finance agency formally rejected UniCredit’s offer, raising concerns about both the premium being offered and the broader approach. Then Chancellor Friedrich Merz changed the tune. On July 15, he stated publicly that the government was not blocking the deal. Now, weeks later, senior officials are prepared to discuss an outright sale of the government’s remaining stake, provided UniCredit comes to the table with a credible plan for what a combined entity would look like. Why Germany owns a bank in the first place When the global financial crisis hit, Commerzbank was one of the h...