UniCredit and Commerzbank square off with target hikes amid takeover battle

Published On Nov 6, 2024, 5:52 AM

UniCredit reported a positive third quarter with an 8% increase in net profit, raising its full-year profit outlook, while Commerzbank faced a decline in net profit but increased expectations for 2024. The financial results come as UniCredit seeks to acquire Commerzbank, having built a 21% stake in the German bank. Commerzbank is currently focused on improving its asset value and has announced plans for a share buyback program. Both banks are navigating the potential merger amid broader regulatory scrutiny and market conditions in Europe.