Paul J. Davies, Columnist

UniCredit And Europe Aren’t Doing Each Other Any Favors

April 22, 2026 at 3:00 AM UTC

Paul J. Davies is a Bloomberg Opinion columnist covering banking and finance. Previously, he was a reporter for the Wall Street Journal and the Financial Times.

UniCredit CEO Andrea Orcel risks alienating Commerzbank’s stakeholders with his financial sleight-of-hand.
Photographer: Jose Sarmento Matos/Bloomberg

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In Europe, nothing happens quickly — and that includes big bank mergers. It should be the perfect time for Italy’s UniCredit SpA to go for a full takeover of Commerzbank AG, the German lender it’s held a stake in since late 2024. But this deal is likely to drag on for years and may never get done at all. That’s to Europe’s disadvantage.

Yes, there’s renewed support to nurture European industrial champions among politicians ready to acknowledge threats from China and the US. Also, the region’s banking watchdogs have an eye on America’s taste for deregulation. But even under pressure from President Donald Trump’s blunt power politics, Europe’s bureaucracy and infighting are imposing unnecessary speed limits on the road to progress.