UniCredit expects to take control of Commerzbank in early 2027

Major Italian bank UniCredit expects to take control of Commerzbank in early 2027, the bank said on Monday in Milan.

The remaining approvals should be in place by the end of November, it added. After taking control, UniCredit chief executive Andrea Orcel plans to begin implementing his concept for the Frankfurt-based bank in the first quarter of 2027.

At the same time, UniCredit reported a profit jump for the summer quarter and raised the bar for the full year. 

In the third quarter, higher revenues meant the bank earned significantly more than analysts had expected.

Net profit rose by almost a quarter to just under €3.3 billion ($3.7 billion). For the full year, Orcel is now targeting a profit of well over €11.5 billion before one-off charges.