Commerzbank Charts Gradual UniCredit Entry as Analysts Split on Valuation After Strong Quarter
Published on 11/07/2026 at 07:01 | Editorial boerse-global.de
Commerzbank has sketched a phased route into the UniCredit orbit, telling Reuters that it could first operate as a subsidiary within the Italian group before potentially merging with UniCredit's HypoVereinsbank arm at a later stage. The lender still needs further regulatory clearances, which it expects in the fourth quarter of 2026 or, at the latest, in the first quarter of 2027. Alongside that disclosure, the bank said it is convinced it can create value together with UniCredit, and it anticipates the takeover offer closing in the coming months.
The strategic update landed the same week as the bank's third-quarter results, which showed net profit of EUR 859 million for the three months to September — a 45% jump year on year. Over the first nine months of 2026, net profit reached EUR 2.67 billion, up 41% from the prior-year period. Operating profit came in at EUR 4.04 billion after nine months, a 17% advance, a more modest gain than the bottom line.
Guidance Trimmed on One Line, Held on Others
Management kept its full-year targets intact: net profit of at least EUR 3.4 billion and revenues of around EUR 13.2 billion. The one number to move was the net interest income forecast, cut to roughly EUR 8.5 billion from EUR 8.6 billion for 2026, with the bank pointing to stiffer competition for deposits as the driver.
Should investors sell immediately? Or is it worth buying Commerzbank?
Analysts responded unevenly. RBC lowered its price target for Commerzbank to EUR 39 from EUR 41 on Thursday while keeping its "Sector Perform" rating — a pullback in valuation without a change in recommendation. Deutsche Bank Research, by contrast, reaffirmed its "Hold" rating and EUR 42 target a day earlier following the quarterly figures. The two houses thus sit apart both on their target marks and on whether the results warranted any adjustment at all.
Staff Departures and a Shifting Shareholder Register
Away from the analyst floor, the FAZ reported Thursday that roughly 1,800 employees have struck individual agreements for an orderly exit, with more than 1,100 opting for a new voluntary partial-retirement program. On the ownership side, BlackRock disclosed on Tuesday a total voting stake in Commerzbank of 4.44%, up from 4.38% previously.
The shares slipped 0.8% in the session following the results presentation, a muted reaction to a quarter that delivered strong headline growth but came with a softer interest-income outlook and the long-running UniCredit question still unresolved.
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