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Germany will not sell any more shares in Commerzbank for now and the bank's strategy is "geared towards independence," the country's Finance Agency said on Friday, in the clearest sign yet that the government doesn't currently favour a takeover of the nation's No. 2 lender.
UniCredit's move to take a stake in German lender Commerzbank is raising questions on whether a long awaited cross-border merger could spur more acquisitions and shake up the European banking sector.
UniCredit's CEO Andrea Orcel revealed his hand this week as the Italian lender built a 9% stake in Commerzbank — and a takeover bid for the German rival could still be in the cards.
Italian bank UniCredit on Wednesday posted better-than-expected second quarter profit and said it was buying a Belgian digital bank with its own cloud-based IT platform for 370 million euros ($401 million).
UniCredit raised its investor reward guidance for the year after posting much higher than expected quarterly net income on Tuesday and further boosting capital levels.