Germany’s finance minister told UniCredit chief Andrea Orcel that Commerzbank should remain headquartered and listed in Frankfurt as the Italian lender moves closer to taking control. In the first face-to-face talks, Lars Klingbeil called for the interests of the Frankfurt-based group’s 40,000 employees to be safeguarded and its role in financing Germany’s small and medium-sized businesses preserved.

After Monday’s meeting, Klingbeil said: “We expect Commerzbank to remain a publicly listed company headquartered in Frankfurt and to continue its strong Mittelstand business — both in Germany and internationally.” The talks show Berlin softening its approach, moving from outright opposition to setting conditions. The government holds a near-13 per cent stake in Commerzbank.

UniCredit moved closer to control in July, securing a 47.6 per cent holding after inviting shareholders to sell. Although short of 50 per cent, analysts say it could exercise de facto control. Berlin still demands no compulsory redundancies and intends to keep its stake and two supervisory board seats.

Orcel said he was “grateful” for the chance to set out priorities and understand Klingbeil’s. UniCredit first disclosed its stake in September 2024, triggering political opposition. A person familiar described July as a “turning point.” Commerzbank declined to comment.