The German bank said UniCredit has not presented a concrete combination plan or reliable indications of a control premium after more than 18 months of pursuit. Commerzbank characterized UniCredit’s proposal as a restructuring attempt rather than a value-creating merger, News.Az reports, citing foreign media.
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“What UniCredit has presented today is not a value-creating business combination – it is a stand-alone restructuring proposal,” said Bettina Orlopp, Chief Executive Officer of Commerzbank, according to a press release statement.
Commerzbank reported operating profit of €4.5 billion for the financial year 2025, an 18% increase. The bank manages more than €400 billion in assets and operates in over 40 countries in its corporate clients business.
UniCredit presented its proposal on Monday but did not reveal substantive details on cost-to-achieve or implementation timeline, according to Commerzbank. The German bank said any combination benefits remain vague with implementation starting only from 2029-2030 and potentially taking several years to realize.
Commerzbank will present updated financial targets and its strategy through 2030 alongside first-quarter results on May 8, 2026. The bank said it will provide a comprehensive response to UniCredit’s claims once full details of the takeover offer are published.
The German lender serves approximately 24,000 corporate client groups and accounts for roughly 30% of German foreign trade. It operates around 400 branches and maintains a digital banking presence through its comdirect brand. Its Polish subsidiary mBank serves approximately 5.9 million customers in Poland, Czech Republic and Slovakia.
Commerzbank emphasized that any takeover offer must include a market-standard premium alongside a combination case that creates value for all stakeholders.
