Commerzbank, Orcel increases to 20% of the German bank: "We will be the largest reference shareholder"

ROME – UniCredit converts part of its synthetic position in Commerzbank into shares, also increasing its voting rights to around 20%. The bank led by Andrea Orcel has "received all the necessary legal and regulatory approvals - including those of the ECB , the German Federal Competition Authority and the Fed - and "has converted around 10% of its position into shares", according to a note from the institution in Piazza Gae Aulenti.

The group will convert the remaining 9% "in due course, reaching approximately 29% of the voting rights in Commerzbank". "With these steps - the institute concludes - UniCredit becomes the largest reference shareholder of Commerzbank".