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Italy’s UniCredit (OTCPK:UNCFF) (OTCPK:UNCRY) bought a 9% stake in Germany’s Commerzbank (OTCPK:CRZBF) (OTCPK:CRZBY), a move that has reignited speculation about potential mergers in the banking sector.
The acquisition includes 4.49% purchased from the German government and the remaining shares acquired on the market.
The German government has been gradually reducing its stake in Commerzbank (OTCPK:CRZBF). The acquisition makes UniCredit (OTCPK:UNCFF) one of Commerzbank’s (OTCPK:CRZBF) largest shareholders.
Manfred Knof, CEO of Commerzbank (OTCPK:CRZBF), said on Tuesday that he would not serve another term after his contract ends in December 2025.
Previously, the German government had expressed reluctance to allow Commerzbank (OTCPK:CRZBF) to be acquired by a foreign buyer.
