UniCredit's Orcel Sets November Deadline as Commerzbank Balances Record Earnings Against Trimmed Targets
Published on 11/15/2026 at 21:20 | Editorial boerse-global.de
UniCredit chief executive Andrea Orcel expects the remaining regulatory approvals for his bank's move on Commerzbank to arrive by the end of November, according to Reuters. Once control is secured, UniCredit intends to call an extraordinary general meeting to elect new shareholder representatives to the supervisory board — a request Orcel has explicitly tied to first obtaining that control.
The takeover timetable is unfolding alongside a busy stretch for Commerzbank itself. On 5 November the bank reported the strongest nine-month result in its history, with net profit of €2.7 billion and an operating result of €4 billion for the first nine months of 2026. Third-quarter net profit alone came in at €859 million, and the nine-month net result reached €2.67 billion.
Management left its full-year 2026 net profit target untouched at a minimum of €3.4 billion. The interest income outlook did not escape revision, however: the bank now guides to a net interest result of around €8.5 billion.
Should investors sell immediately? Or is it worth buying Commerzbank?
Buyback Keeps Rolling
Commerzbank also pressed on with its share repurchase programme. Between 2 and 6 November it bought back roughly 2.88 million of its own shares. Since the programme began on 4 September, the bank had repurchased about 24.2 million shares through 6 November.
On the shareholder register, BlackRock reported a total position of 4.45% on Thursday, down marginally from 4.46%. The mandatory notification, reflecting the position as of 9 November, breaks down into 3.16% of voting rights from shares and 1.29% from instruments.
Citi Trims Target
Analyst coverage brought a more cautious note. Citi lowered its price target for Commerzbank from €42 to €40 on Wednesday while maintaining its "Neutral" rating, as analyst Borja Ramirez Segura confirmed. The stock added 0.6% on Friday to close at €39.88.
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