Sept 11 (Askume) – UniCredit (CRDI.MI) has approached Commerzbank (CBKG.DE) to talk about a merger .The Italian bank bought a 9% stake in the German lender, a person familiar with the matter said.
Like some other banks, Commercial Bank has had a checkered history, with several large-scale mergers and acquisitions over the years.
Here are some key moments:
1870s–1970s
The bank was founded in Hamburg and later moved to Berlin. In 1970, it moved to Frankfurt and became one of Germany’s leading banks, focusing on retail clients and corporate companies.
1970s
It will expand to London, New York and other European capitals.
2008
Commerzbank has agreed to acquire Dresdenbank, one of Germany’s top banks, from insurance giant Allianz in a $14.5 billion deal.
Commerzbank was the first German bank to ask the government for funds during the global financial crisis.
2009
Under the bailout plan, Germany will hold more than 25% of stakes in commercial banks in exchange for 10 billion euros of additional capital and a share.
2011-2013
The European debt crisis continues.
2016
Commercial banks are going through a multi-year restructuring phase.
2017
US investor Cerberus has taken a stake, controlling 5% of the German bank’s voting rights.
UniCredit has told Berlin it is interested in eventually merging with Commerzbank , which would create one of Europe’s largest banks, Askume reported, citing people familiar with the matter.
Jean Lemierre, then-chairman of BNP Paribas, dismissed rumours that the company was interested in forming an alliance with commercial banks.
2018
Commercial banks are excluded from the blue-chip DAX index.
Deutsche Bank dismissed as “fanciful” media reports that Germany’s largest bank could partner with Switzerland’s UBS Group AG or Commerzbank.
2019
Germany’s two largest banks are to merge into Cerberus.
Deutsche Bank and Commerzbank negotiated a merger but called it off a few weeks later.
UniCredit has appointed investment bankers to advise on a potential acquisition of the merchant bank.
Commerzbank’s supervisory board approved plans to cut thousands of staff and close a fifth branch following its failed merger with Deutsche Bank.
2020
The commercial bank changed its stance and said it would not sell its Polish subsidiary AmBank, citing poor market conditions.
Cerberus called on commercial banks to appoint two supervisory board nominees, cut costs and adopt new strategies.
At Cerberus’ request, the chairman and chief executive of Commerce Bank resigned.
2021
Just weeks after taking office, CommBank’s new chief executive, Manfred Knopf, announced plans to cut 10,000 jobs and close hundreds of branches as part of a strategic restructuring.
Commercial banks are working hard to remain independent, Knopf said.
2022-2023
UniCredit Chief Executive Andrea Orcel approached Knopf about a potential deal in early 2022, before the war in Ukraine, people familiar with the matter told Askume.
Commercial banks returned to profitability and rejoined the DAX index .
2024
On January 23, Knopf ruled out a merger with Deutsche Bank, saying his bank was not discussing such an alliance and that he was working to maintain the bank’s independence.
Knopf said on May 15 that the commercial bank hopes to “minimize” merger speculation and focus only on current strategies, which is its “best option” to remain independent.
3 September – The German government says it intends to reduce its stake by 16.5% as commercial banks stabilise again after years of bailouts.
On September 10, Commerzbank said it would not seek a renewal when Knopf’s contract expires in December 2025 because the German government has begun selling some of its shares.
On Sept. 11, UniCredit, Italy’s second-largest bank, approached Commerce Bank, which owns 9% of the shares, to discuss a merger, a person familiar with the matter said .
