The Bundeskartellamt, Germany's competition authority, has granted approval for UniCredit S.p.A. from Milan, Italy, to acquire a 29.99% stake in Commerzbank AG based on merger control considerations.

Andreas Mundt, President of the Bundeskartellamt, noted that even with this minority acquisition, UniCredit's market position in the private and corporate banking sectors in Germany would be strengthened. The authority conducted a thorough examination of the affected financial services, concluding that significant competitors remain active in all areas, justifying the approval of the merger.

Both banks provide a wide range of banking and financial services for private and business customers. UniCredit is the second-largest banking group in Europe and operates in Germany primarily through UniCredit GmbH, formerly known as HypoVereinsbank.

The investigation focused on the regional business with private and corporate clients. The Bundeskartellamt assessed the branch networks and geographical coverage of both merging parties and their main competitors, including savings banks and cooperative banks, across Germany. No significant merger-related issues were identified in the private and business customer segments with revenues up to approximately 10 million euros, even in areas with higher market concentration.

Additionally, the merger affects regional markets or segments, particularly concerning loans for the upper middle class and their banking-supported foreign trade activities. The authority conducted extensive investigations with major competitors such as Deutsche Bank and DZ BANK to evaluate market structures and competitive processes. Discussions were also held with KfW and associations representing the interests of affected businesses. No substantial evidence of a significant impediment to effective competition was found, which is the threshold for blocking a merger.

While Commerzbank holds a strong to market-leading position in national trade finance markets, various competitors also possess significant market positions and the potential to expand, ensuring that relevant alternatives remain available for customers post-merger.

The same applies to the segment of syndicated loans to medium-sized enterprises. Although the parties hold a notable market position, national alternatives exist with the aforementioned regional institutions. Furthermore, foreign banks are increasingly participating in this segment as credit volumes rise. For some upper middle-class borrowers, alternative financing options such as promissory notes or bonds are also available, depending on specific financing needs.

UniCredit's acquisition was registered with the Bundeskartellamt rather than the EU Commission, as acquiring up to 29.99% of shares does not constitute 'control' under European law. In Germany, however, a merger must be registered when acquiring at least 25% of shares or gaining 'significant competitive influence.'