UniCredit aims to take control of Germany’s Commerzbank shortly after its offer receives regulatory approval, while watching dealmaking in Italy from the sidelines. Chief executive Andrea Orcel outlined plans for greater alignment between Commerzbank and UniCredit’s existing German business, HVB, during a transition period of up to three years before pursuing a full merger.

UniCredit recently wrapped up a tender offer that gave it a near majority in its German rival. This move could become Europe’s largest banking deal since the 2008 financial crisis.

Regulatory authorization is expected in the fourth quarter. Once approved, UniCredit intends to take the necessary steps to exercise control and implement its playbook on Commerzbank. Until then, the bank is seeking to engage with the German government, Commerzbank’s governing bodies, labor representatives, and other stakeholders.