The ECB’s preliminary view suggests the merger, which would create one of Europe's largest banking entities, faces no fundamental regulatory prohibition. However, the document highlights that German supervisors have raised alarms regarding UniCredit’s conduct. BaFin, Germany’s financial watchdog, described the Italian bank's approach as aggressive and criticized its internal checks and balances. The regulator noted that the hostile nature of the bid has alienated Commerzbank’s management, staff, and political stakeholders, necessitating a credible plan to restore trust.

Despite these tensions, the ECB concluded that the identified risks do not justify blocking the transaction. The central bank noted that previous concerns regarding UniCredit’s board oversight and anti-money laundering protocols at its German subsidiary are already being addressed. Nevertheless, the ECB remains skeptical of UniCredit’s capital ratio projections and pointed to a lack of detail in initial integration plans. A final decision is expected following a comprehensive review of the full application, which was submitted in late July, with a verdict anticipated in September or October.