UniCredit CEO Andrea Orcel unveiled a fresh business case for Commerzbank, arguing the German bank has "consistently underperformed". The proposal lifts projected net income to €5.1bn by 2028, far above current expectations, and signals a willingness to revise the earlier €35bn takeover offer. Orcel warned the lender risks becoming mis‑aligned with a rapidly changing banking environment.

The Italian group already controls a 25% stake in Commerzbank, making it the bank's largest single shareholder. German officials have blocked a full merger, reflecting the political friction that still hampers cross‑border deals in Europe. Orcel suggested Commerzbank should trim its "fragmented and inefficient" overseas footprint and concentrate on Germany and Poland, where it already holds a strong presence through HypoVereinsbank.

Market reaction was mixed: Commerzbank shares edged up 1.2% in Frankfurt, while UniCredit fell 1.8% in Milan. The European Commission’s recent move to ease merger rules may ease future hurdles, but Orcel’s latest overture underscores the difficulty of forging a pan‑European champion in a climate of nationalist resistance.