The ECB approved an increase in Yushin Bank's holdings in Commerzbank, paving the way for CEO Andrea Orcel to gain control of the German bank. The bank said in a statement on Thursday that the ECB release means that the bank can increase its shareholding ratio to more than 30%, and may eventually hold 100% of Commerzbank's shares. This was another win for Orcel. Despite public opposition from the German government and Commerzbank management, he has been publicly seeking to acquire Commerzbank since September 2024. The acquisition of the company, which is valued at around 42 billion euros, will be one of the largest banking deals in the world in 20 years.
Zhitongcaijing · 1d ago
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The ECB approved an increase in Yushin Bank's holdings in Commerzbank, paving the way for CEO Andrea Orcel to gain control of the German bank. The bank said in a statement on Thursday that the ECB release means that the bank can increase its shareholding ratio to more than 30%, and may eventually hold 100% of Commerzbank's shares. This was another win for Orcel. Despite public opposition from the German government and Commerzbank management, he has been publicly seeking to acquire Commerzbank since September 2024. The acquisition of the company, which is valued at around 42 billion euros, will be one of the largest banking deals in the world in 20 years.
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