Germany’s Commerzbank is looking to acquire a mid-sized German bank as a strategic move to prevent a potential takeover by Italy’s UniCredit, reported Reuters citing sources.
The discussions are in preliminary stages. Hamburg Commercial Bank (HCOB) and Oldenburgische Landesbank (OLB) could be the potential acquisition targets of Commerzbank, two people said.
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Both OLB and HCOB hold approximately €32bn in assets.
The bank’s considerations come as it seeks to reinforce its standalone strategy.
Last week, Commerzbank CEO Bettina Orlopp indicated the bank’s readiness for potential acquisitions by stating they are “keeping powder dry for potential acquisitions”.
A potential purchase could complicate a UniCredit takeover of Commerzbank, as the Germany-based bank would already be occupied with integrating another bank.
According to the same sources. Commerzbank’s management has discussed a possible acquisition.
However, it remains unclear if the bank has approached any potential targets as it focuses on staying independent.
Commerzbank said it regularly looks at opportunities for inorganic growth.
Furthermore, it is uncertain if Commerzbank has the ‘time or investor’ backing for a potential acquisition, but management is considering all options to deter UniCredit.
Earlier this year, Commerzbank and Infosys collaborated on a successful go-live of a consolidated, unified trading platform that streamlines the bank’s business processes and IT landscape.
This project has enabled Commerzbank to consolidate FX, FX derivatives, equity, and commodities onto Murex’s integrated MX.3 platform to simplify operations, cut costs, and preparing for future challenges.
