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Commerzbank Seeks 'Constructive Discussions' with UniCredit as First-half Profit Rises; EUR1.2 Billion Buyback Planned

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Commerzbank Seeks 'Constructive Discussions' with UniCredit as First-half Profit Rises; EUR1.2 Billion Buyback Planned

Commerzbank (CBK.F) said it is ready for "constructive discussions" with Italy's UniCredit (UGC.MI), suggesting that a joint approach has potential to create value as the German lender reported higher first-half earnings and unveiled a new stock buyback plan.

"We are open to find a solution with UniCredit and will work in the best interest of all our stakeholders," Commerzbank Chief Executive Bettina Orlopp said in a presentation released alongside the bank's results.

The comments come after UniCredit built up a nearly 48% stake in the German lender following a tender offer.

"Even when UniCredit holds a majority at the next Annual General Meeting, it cannot unilaterally decide on fundamental structural measures," Orlopp also said. "This creates a clear responsibility for both sides. It requires a shared understanding of the business model and the involvement of all stakeholders."

Commerzbank's attributable consolidated profit for the six months ended June 30 rose to 1.81 billion euros from 1.3 billion euros a year earlier, while net interest income came in at 4.11 billion euros, compared with 4.13 billion euros.

The bank reaffirmed its 2026 guidance for net result of 3.4 billion euros and net interest income of 8.6 billion euros, projecting overall revenue at 13.2 billion euros. Targets under the Momentum 2030 strategy were also maintained.

Commerzbank added that it has received approval from the European Central Bank for a new stock repurchase program of up to 1.2 billion euros. It did not disclose when the buyback will begin.

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