Finance
Germany's Financial Watchdog BaFin Orders UniCredit to Stop Provocative Commerzbank Ads
Published by Global Banking & Finance Review®
Posted on April 24, 2026
2 min readLast updated: April 24, 2026
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BaFin has ordered UniCredit to cease provocative advertising across Europe related to its unsolicited takeover bid for Commerzbank, citing unobjective claims and speculation about Commerzbank’s finances.
Germany's financial watchdog faults UniCredit tactics in Commerzbank takeover battle
BaFin Intervenes in UniCredit-Commerzbank Takeover Dispute
By Tom Sims and Alexander Hübner
Regulatory Action Against UniCredit
FRANKFURT, April 24 (Reuters) - Germany's banking watchdog BaFin on Friday moved to prohibit UniCredit from making defamatory statements in advertisements and analyst calls about the financial health of Germany's Commerzbank, as the Italian lender pushes for a takeover of its German rival.
Background of the Takeover Battle
The unusual measure by the German regulator in the middle of a months-long takeover battle comes after UniCredit posted an advertisement on social media across Europe that called Commerzbank "neglected, uncertain, short-sighted" and after statements by UniCredit CEO Andrea Orcel to analysts that Commerzbank's "current trajectory will put at risk its survival in the medium term".
BaFin's Official Statement
BaFin, in its ruling published late on Friday, said UniCredit's ads were provocative and unobjective, containing "speculation regarding the financial situation of Commerzbank."
It said that UniCredit was prohibited from making statements "that portray the current economic situation of the target company or its subsidiaries and their future prospects in a negative, sensationalist, or unobjective manner".
Responses from UniCredit and Commerzbank
UniCredit's Reaction
UniCredit said in a statement that the advertisement was "designed to promote the positive vision we have for Commerzbank" and noted that it acknowledged its ambiguity and removed it.
But the Italian bank added: "Some of the rhetoric used to push back on this transaction has been overly aggressive and highly personal in nature from the outset. It would be in the best interest of all stakeholders for the rhetoric to be toned down."
Commerzbank's Position
Commerzbank declined to comment on the BaFin ruling.
Reporting Credits
(Reporting by Tom Sims; Editing by David Gregorio)
Key Takeaways
- •BaFin deemed UniCredit’s ads as speculative and unobjective, ordering their cessation.
- •UniCredit launched a €35 billion voluntary takeover via share exchange, aiming to exceed 30 % stake threshold under German law (globalbankingandfinance.com).
- •Commerzbank and German officials, including the Hesse premier, have pushed back, citing lack of premium and job risk concerns (investing.com)
References
Frequently Asked Questions about Germany's financial watchdog BaFin orders UniCredit to stop provocative Commerzbank ads
1Why did BaFin order UniCredit to stop its advertisements?
BaFin ordered UniCredit to stop its ads due to provocative and unobjective content related to the Commerzbank takeover attempt.
2What was improper about UniCredit's advertisements?
The ads contained speculation about Commerzbank's financial situation and were deemed provocative and unobjective.
3Where were UniCredit's ads published?
UniCredit published the ads across Europe as part of its takeover attempt of Commerzbank.
4What is the relationship between UniCredit and Commerzbank?
UniCredit is attempting to take over Commerzbank, which prompted the controversial advertising campaign.
