...September 12, 2024 MADRID (S&P Global Ratings) Sept. 12, 2024--UniCredit's purchase of a significant stake in Commerzbank moderately erodes its capital but without immediately impacting its creditworthiness, said S&P Global Ratings today. Yesterday, the Italian bank announced it has become the second largest shareholder of Commerzbank, behind the German government (which now holds a 12% stake), and ahead of BlackRock and Norges, the two most relevant institutional investors. UniCredit now holds a 9% stake in Commerzbank after it acquired a 4.49% stake from the German government in an accelerated book building offer and bought the rest directly in the market. This move has no immediate impact on our ratings on UniCredit SpA (###/Stable/A-2). The investment of around 1.5 billion has a modest effect on the bank's 16.2% regulatory common equity Tier 1 capital ratio of about 15 basis points (bps), and a larger impact of about 30 bps on our risk-adjusted capital (RAC) measure, as we fully deduct...
