The Bundeskartellamt, Germany's competition authority, has cleared UniCredit S.p.A.'s acquisition of a 29.99% stake in Commerzbank AG, stating that the merger will not harm competition in the retail and commercial banking sectors.

Andreas Mundt, President of the Bundeskartellamt, emphasized that while the acquisition will enhance UniCredit's market position, there are sufficient competitors in the market to ensure effective competition remains intact. The authority conducted a thorough investigation into the financial services impacted by the merger.

The investigation focused on both regional and supra-regional banking activities. At the regional level, the Bundeskartellamt assessed the geographic distribution of the branches of both banks and their competitors, including savings and cooperative banks. It found that even in areas where market consolidation occurs, there are still numerous providers available, particularly for retail and commercial banking activities with turnovers up to 10 million euros.

At the supra-regional level, the authority examined market segments such as loans to larger SMEs and foreign trade banking services. The Bundeskartellamt sought extensive information from major competitors, including Deutsche Bank and DZ BANK, to evaluate the competitive landscape. The findings indicated that the merger would not significantly impede competition, as Commerzbank's strong position in trade finance services is counterbalanced by other competitors.

Furthermore, in the segment of syndicated loans to SMEs, while the merger parties hold a notable position, there are ample alternatives available to customers across Germany, including foreign banks. The authority noted that larger SMEs also have various financing options beyond traditional loans.

Since the acquisition does not constitute a controlling interest under European rules, it was only required to be notified to the Bundeskartellamt. In Germany, any acquisition of at least 25% of shares necessitates notification if it can exert a material competitive influence.