The Italian bank UniCredit has announced plans to acquire Germany’s Commerzbank, prompting an immediate government response in Berlin. German politicians have stepped in to defend the independence of their financial institution, openly opposing what they describe as a “hostile takeover.” It is worth noting, however, that Commerzbank itself spent years systematically acquiring Poland’s Bank Rozwoju Eksportu (today’s mBank), and at that time the expansion of foreign private capital did not raise any doubts among Poland’s western neighbors.
UniCredit, which, after repurchasing part of the shares from the German government, already controls 29.9% of Commerzbank, has announced its intention to submit an offer to acquire all of the bank’s shares. According to yesterday’s reports, the Italian giant values the German bank at nearly €35 billion. Exceeding the 30% ownership threshold would legally require submitting a full takeover offer.
The German government, which itself holds around a 12% stake in the country’s second-largest private bank, quickly responded to these developments.
A spokesperson for the German Ministry of Finance stated that the government maintains its opposition to a “hostile takeover,” arguing that Berlin supports Commerzbank’s independence as a systemically important institution. At the same time, the spokesperson noted that for now these are only announcements, adding:
“If this were to happen, it would be the responsibility of Commerzbank’s management board and supervisory board to examine the offer and issue a recommendation to shareholders.”
The government’s position was supported by Chancellor Friedrich Merz, who emphasized that the authorities favor a “strong and independent Commerzbank.” Meanwhile, Commerzbank’s own management stated that the announced offer had not been coordinated with the bank and that it currently sees no basis for potential discussions with its largest shareholder. In its statement, the bank noted:
“Furthermore, the UniCredit announcement does not contain any additional information regarding the fundamental elements of a transaction that would create added value. This would be a necessary basis for any possible discussions.”
The Verdi trade union has also voiced opposition to the deal, fearing large-scale job cuts.
Berlin’s firm resistance to the entry of foreign capital into its market stands in stark contrast to the history of German financial institutions operating in Poland. In the 1990s, following the political and economic transformation, German capital entered the Polish banking sector on a massive scale. It was Commerzbank that, in 1994, began the process of taking control of Poland’s Bank Rozwoju Eksportu (BRE Bank). Germany gradually increased its stake to around 69%, and in 2007 rebranded the institution as mBank. The takeover of a leading Polish bank was viewed in Berlin as a natural market process and a justified expansion, with no alarm raised at the time about the acquired institution’s systemic independence.
Today, mBank is one of the largest banks in Poland, with assets of approximately PLN 280.25 billion (as of the end of 2025) and generating enormous profits; in 2025 alone, it reached a record PLN 3.5 billion in net profit. If the UniCredit transaction goes through, control of Poland’s mBank will pass from German to Italian hands, and German capital’s share in the Polish banking sector will decrease by 7-8 percentage points. This situation clearly illustrates that what for three decades was seen in Berlin as profitable expansion in Poland suddenly becomes, when applied to their own market, an unacceptable action requiring state intervention.