UniCredit Aims for Full Commerzbank Acquisition in Q4 2023

UniCredit plans to acquire Commerzbank in the fourth quarter of 2023, according to CEO Andrea Orcel. UniCredit has increased its stake in Commerzbank to 48%, having initially taken a 9% stake in 2024 and later ramped it to about 30% in March. The Italian bank reported a net profit of 2.9 billion euros ($3.3 billion) for the second quarter, a 13% decrease. UniCredit has raised its full-year net profit target to over 11 billion euros. The potential acquisition could significantly impact the banking sector in Europe.