Commerzbank considers buying domestic rival in UniCredit defence plan, sources say

By John O’Donnell, Emma-Victoria Farr and Tom Sims

LONDON (Reuters) – Commerzbank (ETR:CBKG) is weighing the acquisition of a mid-sized German bank as part of its strategy to fend off a possible takeover by Italy’s UniCredit, three people with knowledge of the matter told Reuters.

The deliberations of an acquisition are at an early stage and possible targets could include Hamburg Commercial Bank (HCOB) or Oldenburgische Landesbank (OLB), said two of the people, who all spoke on condition of anonymity to describe private discussions.

Commerzbank’s considerations to buy a domestic rival are significant because the lender has been trying to devise a defence gameplan, so far revealing little other than saying it was pursuing a standalone strategy.

The topic has been discussed by Commerzbank management, the same two people said. It is unclear whether Commerzbank has reached out to the lenders.

Commerzbank, responding to a request for comment, said it was continuously monitoring opportunities for inorganic growth but declined to comment on potential targets.

OLB and HCOB declined to comment.