Factbox: What Could a Merger Between UniCredit and Commerzbank Look Like?

MILAN (Reuters) – Executives from UniCredit and Commerzbank convened for their inaugural meeting on Friday, following the Italian bank’s recent emergence as the largest stakeholder of its German counterpart, holding nearly a 21% stake pending supervisory approval.

With a market value of 61 billion euros, UniCredit is approximately three times larger than Commerzbank, which stands at 19 billion euros.

Since UniCredit publicized its initial investment on September 10, shares of Germany’s second-largest publicly listed bank have surged by 30%, as investors speculate on the possibility of a full acquisition.

UniCredit’s CEO, Andrea Orcel, has stated that a merger would be beneficial for both banks, but he will only pursue such a deal if it receives widespread backing. If that support is not forthcoming, UniCredit may consider divesting its interest in Commerzbank.

The following details provide a glimpse into the size and performance of both banks and what a merger of the two entities—or Commerzbank with UniCredit’s German operations—could entail.

UniCredit’s German operations are anchored primarily in HVB, the Bavarian bank it acquired in 2005. In the accompanying data, HVB represents UniCredit’s German interests.