This report does not constitute a rating action. PARIS (S&P Global Ratings) July 16, 2026--S&P Global Ratings said today UniCredit taking control of Commerzbank would be rating neutral for mBank in any scenario. On July 7, UniCredit SpA announced that, following the tender offer, it now owns 47.59% of Commerzbank AG, the parent that owns a 69% stake in mBank. UniCredit still needs to obtain regulatory approval from various supervisory authorities, a process we understand will take several months. Regardless of whether the transaction is approved, we believe there would be no rating implications for mBank. We view mBank as a moderately strategically important subsidiary of Commerzbank. Our ?BBB+? issuer credit rating on mBank benefits from additional loss absorbing capacity
