Unicredit-Commerzbank: something else altogether politics

Translated by Alessandra Fumagalli 

During one of the most unrestrained and complex phases of European politics, there is an economic theme which is arising, making also the national Government move: the Unicredit’s climb towards the German bank Commerzbank.

The Italian bank acquisition quote towards the second German bank group is something current. The Italian credit institut has indeed made a double transition of 4.5% of the shares through the market and 4.5% of the shares through an accelerated placement promoted by the Berlin Government, acquiring 9% of the capital. Moreover, in the last few hours it has acquired 11.5% through the purchase of other financial instruments. 

The ongoing climb, as we can read in the latest developments, is not stopping; as it has been said, it has been presented to the ECB a regular request for the acquisition of a share of more than 10%, in order to reach 29.9% in Commerzbank[1]. 

Something that has not been positively accepted by Berlin’s government, headed by Scholz, that have markedly stigmatized the climb’s attempt as an hostile move. 

A standpoint that has arisen uproar and has made the Foreign Minister, Tajani, answer, saying that it was a private and legitimate initiative made with respect to the German Bank, made within the European Free market[2].

Now, since these severe accusations, it is interesting to understand if Unicredit had done something which is not respecting the European normative and which is the institution which has power in these affairs.  

If, as far as this case is concerned, there aren’t any viciouses and conflicts against the current European norm, different and extremely relevant is the role played by the European Central Bank, which is the institution responsible for the vigilance of the big European bank group. 

Moreover, it is important to highlight how the ECB has numerous stimuli that are able to orient some operations, like the current one, through a secondary and indirect intervention. 

For example the precautional addresses as the one linked with the capital, which is tight to the “second pillar” of the Bank Union, or the treatment of badwill, which deals with allowances realized by the buyer towards the theoretical value of the acquired bank, when the prices are lower than the accounting fortune. Furthermore, the definition of new intern models linked with the risk rate of the credit portfail also counts[3].

These are elements that make us understand which are the allowances within the operation that is carried out and the complications that can emerge in front of the ECB, beyond the political debates, which seem to be the central point. 

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