Commerzbank Balances Buybacks and Boardroom Brinksmanship as Nomura Trims Its Stake
Published on 09/28/2026 at 07:10 | Editorial boerse-global.de
Commerzbank's management used a Thursday appearance at the Bank of America 31st Annual Financials CEO Conference to reaffirm its medium-term financial targets and its commitment to returning capital to shareholders, even as takeover speculation continues to swirl around the Frankfurt lender.
The bank is sticking to its standalone strategy and holding out the prospect of full capital returns. Since the payout program began, roughly EUR 6 billion has already flowed back to investors, and management reiterated its goal of returning 100 percent of capital. The current buyback is proceeding in stages: between the program's launch earlier this month and September 18, the institution repurchased a total of 4,217,261 of its own shares. That swift distribution of funds is seen internally as a key building block for shoring up investor confidence and strengthening the bank's hand in talks with outside parties.
2026 Targets Confirmed
Underpinning those payout plans are the bank's medium-term earnings goals. At the conference, the leadership team confirmed its guidance for 2026: net interest income of EUR 8.6 billion, a net profit of EUR 3.4 billion, and risk provisions of EUR 850 million.
Three Paths Through the UniCredit Standoff
Even with independence as the stated priority, UniCredit's persistent courtship is keeping things in motion. CEO Bettina Orlopp used Thursday's platform to float several scenarios for potential negotiations. According to Reuters, she said Commerzbank could acquire UniCredit's German subsidiary HVB in exchange for shares as part of possible merger talks. She also named a direct merger or a further offer from the Italians to shareholders as alternatives.
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Political guardrails are meanwhile coming into focus. German Finance Minister Lars Klingbeil has attached conditions to any combination, including keeping the headquarters in Frankfurt and maintaining the bank's stock exchange listing. UniCredit, for its part, is unwilling to see Orlopp remain as chief executive, according to Reuters, and the two supervisory board seats sought by the German government have also met with reservations from the Italians.
Nomura Cuts Its Holding
Separately, the ownership picture shifted. A voting rights notification dated September 24, 2026 showed Nomura Holdings' stake in Commerzbank falling to 5.90 percent in total, down from a previously reported 8.07 percent. The position breaks down into 1.15 percent held directly through shares and 4.75 percent via attributed financial instruments, with September 17, 2026 given as the date the reporting threshold was formally crossed.
The very next day, September 25, 2026, Commerzbank published a further voting rights notification from Nomura Holdings Inc. On the bank's shareholder overview, Nomura is now listed with 0.55 percent in shares and 5.31 percent through instruments, with the relevant threshold touched on September 21, 2026, according to the bank's disclosures.
Orlopp also commented on the company's situation last Friday, according to statements on Commerzbank's website, stressing that the institution must create still more value for shareholders going forward and advocating a constructive dialogue with UniCredit after the clashes of the takeover battle.
Steady Trading Near Record Levels
The market has taken the mixed picture in stride. The stock closed Friday's session at EUR 42.39, leaving it 2.2 percent below its 52-week high of EUR 43.34, a peak reached on September 16, 2026. Year to date, the shares have gained 17 percent.
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