Outgoing European Central Bank Vice-President Luis de Guindos criticised Germany for opposing UniCredit SpA’s bid to acquire Commerzbank AG, warning that such interventions undermine the EU single market.
De Guindos said Berlin’s resistance contradicts the EU’s goals for a unified savings and investment union and represents a broader trend of member states attempting to influence cross-border corporate transactions.
UniCredit currently holds just under 30% of Germany’s second-largest listed lender. The Italian bank launched an all-share offer for the remaining Commerzbank shares earlier this month, valuing the equity at more than €35 billion.
German Chancellor Friedrich Merz and Commerzbank management have opposed the deal, describing it as “hostile” and “aggressive.” Merz acknowledged the need for larger banks but said, “not every type of takeover is welcome.”
De Guindos emphasised that cross-border consolidation is essential for European banks to achieve economies of scale, reduce funding costs and compete with US and Chinese rivals.
He declined to comment on the specific merits of the UniCredit-Commerzbank merger.
Reflecting on his eight-year tenure at the ECB, de Guindos noted that the bank was slow to respond to inflation in 2021 and 2022 due to internal debates. He also warned that rising government debt in the Eurozone could tighten monetary conditions through market pressures.
De Guindos will be succeeded on June 1, 2026, by Croatia’s central bank governor Boris Vujčić. The UniCredit tender offer for Commerzbank shares remains open until June 16, 2026.
