Commerzbank Floats HVB Share Swap as Orlopp Bets on Independence Into 2027
Published on 09/28/2026 at 11:21 | Editorial boerse-global.de
Commerzbank chief executive Bettina Orlopp has put a fresh option on the table in the long-running standoff over UniCredit's ambitions in Germany: the Frankfurt lender could absorb HypoVereinsbank, UniCredit's German subsidiary, in exchange for shares. Reuters reported the consideration on Thursday, though no transaction has been agreed. The proposal nonetheless signals how Commerzbank's leadership intends to keep a grip on its home market.
The idea lands amid a drawn-out regulatory limbo. Orlopp expects the supervisory approvals for UniCredit's stake to arrive only in late 2026 or early 2027, leaving the bank to run its own playbook in the meantime. That window, management argues, is time to reinforce a standalone course and build value for shareholders.
Guidance Held Firm, Buyback Presses Ahead
Operational targets for 2026 were reaffirmed at a Bank of America conference on Thursday. Commerzbank is chasing net interest income of EUR 8.6 billion and a net profit of EUR 3.4 billion, with risk costs projected at EUR 850 million. The bank also intends to stick with its payout policy of a full 100 percent capital return.
Shareholder returns are already flowing through the market. Under the buyback launched on September 3, the lender repurchased 1,976,889 of its own shares between September 14 and 18. That followed more than 2.24 million shares bought in the prior week, bringing the cumulative total since September 4 to 4,217,261.
Should investors sell immediately? Or is it worth buying Commerzbank?
The purchases have helped steady the stock through a choppy stretch. The shares changed hands at EUR 42.50 on Thursday, up 0.6 percent, leaving them roughly 1.9 percent shy of the 52-week high of EUR 43.34 touched in mid-September. By Monday morning the price was holding at EUR 42.20 in pre-market trading, with the year-to-date gain standing at 17 percent.
Boardroom Friction and Berlin's Conditions
Talks over a deeper tie-up are anything but smooth. UniCredit CEO Andrea Orcel is pushing for leadership changes in Frankfurt, according to media reports, with his sights set on Orlopp and supervisory board chairman Jens Weidmann. The Italian group has also rejected two board seats claimed by the German government.
Politics has entered the fray as well. Finance Minister Lars Klingbeil has laid down firm terms for any takeover, insisting that Commerzbank remain listed, keep its headquarters in Frankfurt and continue financing Germany's mid-sized companies without restriction. Commerzbank has pushed back hard against any interference in its management.
Beyond a straight merger or the HVB share swap, a further public takeover offer from the Italians at a premium remains conceivable. Until regulators rule, the Frankfurt bank is proceeding on its own terms.
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