Berlin: UniCredit CEO Andrea Orcel has signaled that the Italian bank may consider selling its 26% stake in Germany’s Commerzbank to a buyer outside the European Union if shareholders are dissatisfied with the investment or if a strong offer emerges.

Speaking to the German newspaper Frankfurter Allgemeine Zeitung, Orcel said that while he prefers to strengthen a major European bank, he is ultimately bound by shareholder interests. “What would happen if a bank that is not from the EU were to offer the most for our shares? Then I would have to accept that offer out of an obligation to my shareholders,” he stated.

The development comes amid ongoing tension between UniCredit and Commerzbank. Over the past year, UniCredit quietly built a 26% holding in Commerzbank, sparking speculation about a potential merger or takeover.

However, Commerzbank has opposed such a move, and the German government, which owns about 12% of the lender, has also resisted the idea of foreign ownership of the country’s second-largest bank.

While Orcel emphasized that selling the stake is not a current plan, his comments highlight the bank’s willingness to consider options beyond Europe if circumstances change. Any potential sale to a non-EU bank could trigger significant regulatory scrutiny and political debate in Germany, given Commerzbank’s importance to the country’s financial system.

The possibility adds a new layer of uncertainty to the future of Commerzbank and UniCredit’s strategic ambitions, while raising questions about the role of non-EU players in Europe’s banking sector.