{"id":113383,"date":"2026-06-10T12:09:09","date_gmt":"2026-06-10T12:09:09","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/113383\/"},"modified":"2026-06-10T12:09:09","modified_gmt":"2026-06-10T12:09:09","slug":"bitva-o-banku-italove-se-blizi-ovladnuti-commerzbank-jak-ale-ziskali-akcie","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/113383\/","title":{"rendered":"Bitva o\u00a0banku. Italov\u00e9 se bl\u00ed\u017e\u00ed\u00a0ovl\u00e1dnut\u00ed Commerzbank. Jak ale z\u00edskali akcie?"},"content":{"rendered":"

UniCredit si pod\u00edl v\u00a0Commerzbank buduje u\u017e skoro dva roky. Velkou \u010d\u00e1st obchod\u016f ale prov\u00e1d\u011bla skryt\u011b a\u00a0n\u011bme\u010dt\u00ed regul\u00e1to\u0159i dlouho nev\u011bd\u011bli, kolik akci\u00ed u\u017e italsk\u00e1 skupina vlastn\u011b dr\u017e\u00ed.<\/p>\n

Holding, kter\u00fd t\u0159eba v\u00a0\u010cesku provozuje UniCredit Bank, na ja\u0159e definitivn\u011b ozn\u00e1mil, \u017ee chce n\u011bmeck\u00fd \u00fastav \u00fapln\u011b p\u0159evz\u00edt a\u00a0ostatn\u00ed akcion\u00e1\u0159e je ochotn\u00fd vyplatit. Tou dobou dr\u017eel asi 26,7\u00a0procent akci\u00ed. Nyn\u00ed jich m\u00e1 skoro 38\u00a0procent.<\/p>\n

Veden\u00ed Commerzbank se pokusu o\u00a0p\u0159evzet\u00ed usilovn\u011b br\u00e1n\u00ed a\u00a0mimo jin\u00e9 zkoum\u00e1, od koho Italov\u00e9 on\u011bch 11\u00a0procent akci\u00ed z\u00edskali. Jejich nab\u00eddka na v\u00fdkup ostatn\u011b nebyla nijak v\u00fdhodn\u00e1.<\/p>\n

Za ka\u017edou akcii Commerzbank jsou ochotn\u00ed zaplatit asi o\u00a0dv\u011b eura m\u00e9n\u011b, ne\u017e za kolik se titul obchoduje na burze (pohybuje se kolem hranice 37\u00a0eur). K\u00a0dobrovoln\u00e9mu odprodeji akci\u00ed tak investory nic netla\u010d\u00ed.<\/p>\n

CommerzbankPo Deutsche Bank a\u00a0DZ Bank jde o\u00a0t\u0159et\u00ed\u00a0nejv\u011bt\u0161\u00ed banku na n\u011bmeck\u00e9m trhu. Commerzbank je kl\u00ed\u010dov\u00fdm poskytovatelem \u00fav\u011br\u016f hlavn\u011b pro men\u0161\u00ed a\u00a0st\u0159edn\u011b velk\u00e9 podniky (tzv. Mittelstand). Spolupracuje s\u00a0v\u00edce ne\u017e 20\u00a0tis\u00edci firemn\u00edmi skupinami. I\u00a0kv\u016fli tomu se n\u011bmeck\u00e1 vl\u00e1da br\u00e1n\u00ed jej\u00edmu p\u0159evzet\u00ed zahrani\u010dn\u00edm subjektem.Commerzbank se zam\u011b\u0159uje i\u00a0na zahrani\u010dn\u00ed obchod. Je v\u011bt\u0161inov\u00fdm vlastn\u00edkem polsk\u00e9 mBank, kter\u00e1 p\u016fsob\u00ed i\u00a0na \u010desk\u00e9m trhu. Podobn\u011b jako mate\u0159sk\u00e1 firma se tak\u00e9 mBank soust\u0159ed\u00ed na firemn\u00ed klientelu. V\u00a0\u010cR m\u00e1 pobo\u010dku i\u00a0samotn\u00e1 Commerzbank, kter\u00e1 c\u00edl\u00ed na korpor\u00e1tn\u00ed klientelu a\u00a0nab\u00edz\u00ed slu\u017eby spojen\u00e9 s\u00a0kapit\u00e1lov\u00fdmi trhy.<\/p>\n

\u201ePodle informac\u00ed, kter\u00e9 m\u00e1me k\u00a0dispozici, se dosud nepoda\u0159ilo identifikovat ani jedin\u00e9 p\u0159ijet\u00ed nab\u00eddky ze strany institucion\u00e1ln\u00edho investora a\u00a0souhrn v\u0161ech p\u0159ijet\u00ed nab\u00eddky soukrom\u00fdmi investory odpov\u00edd\u00e1 pod\u00edlu na akci\u00edch ve v\u00fd\u0161i pouh\u00fdch p\u0159ibli\u017en\u011b 0,05\u00a0%,\u201c vzk\u00e1zala p\u0159es sv\u00e9 mluv\u010d\u00ed Commerzbank.<\/p>\n

N\u011bmci tak Italy nep\u0159\u00edmo obvinili z\u00a0toho, \u017ee si mohli p\u011bstovat b\u00edl\u00e9 kon\u011b na skryt\u00fd n\u00e1kup akci\u00ed. Commerzbank tvrd\u00ed, \u017ee UniCredit z\u00edskala akcie sv\u00fdch p\u0159\u00edm\u00fdch spojenc\u016f\u00a0\u2013 zejm\u00e9na japonsk\u00e9 banky Nomura, kter\u00e1 pr\u00fd italsk\u00e9 skupin\u011b aktivn\u011b pom\u00e1h\u00e1 s\u00a0jej\u00edmi pl\u00e1ny na p\u0159evzet\u00ed firmy.<\/p>\n

<\/a><\/p>\n

UniCredit takov\u00e1 tvrzen\u00ed rezolutn\u011b odm\u00edtla a\u00a0Commerzbank obvinila i\u00a0z rozdm\u00fdch\u00e1v\u00e1n\u00ed negativn\u00ed medi\u00e1ln\u00ed kampan\u011b. Veden\u00ed n\u011bmeck\u00e9 banky m\u00e1 pr\u00fd pln\u00e9 pr\u00e1vo na to, aby akcion\u00e1\u0159e od prodeje pod\u00edl\u016f odrazovala.<\/p>\n

\u201eNen\u00ed v\u0161ak opr\u00e1vn\u011bn\u00e9 naru\u0161ovat integritu procesu p\u0159evzet\u00ed t\u00edm, \u017ee vzn\u00e1\u0161\u00ed nepodlo\u017een\u00e1 obvin\u011bn\u00ed,\u201c dodalo veden\u00ed Unicredit.<\/p>\n

Jeho chov\u00e1n\u00edm se nicm\u00e9n\u011b zab\u00fdv\u00e1 n\u011bmeck\u00fd \u00fa\u0159ad pro bankovn\u00ed dozor BaFin. A\u00a0to na \u017e\u00e1dost Commerzbank, podle kter\u00e9 se maj\u00ed zjistit p\u016fvodci on\u011bch nov\u011b z\u00edskan\u00fdch akci\u00ed.<\/p>\n

Pokladnice n\u011bmeck\u00e9ho byznysu<\/p>\n

Osud Commerzbank bedliv\u011b sleduj\u00ed i\u00a0n\u011bme\u010dt\u00ed politici. Tento \u00fastav m\u00e1 toti\u017e v\u00a0hospod\u00e1\u0159stv\u00ed spolkov\u00e9 republiky sv\u00e9 specifick\u00e9 m\u00edsto. Je toti\u017e nej\u010dast\u011bji vyhled\u00e1van\u00fdm partnerem pro men\u0161\u00ed a\u00a0st\u0159edn\u011b velk\u00e9 firmy, a\u00a0pom\u00e1h\u00e1 tak financovat velkou \u010d\u00e1st tamn\u00ed ekonomiky. Z\u00e1rove\u0148 zprost\u0159edkov\u00e1v\u00e1 asi 30\u00a0procent v\u0161ech transakc\u00ed v\u00a0n\u011bmeck\u00e9m zahrani\u010dn\u00edm obchodu.<\/p>\n

UniCreditNadn\u00e1rodn\u00ed bankovn\u00ed spole\u010dnost se s\u00eddlem v\u00a0Mil\u00e1n\u011b, kter\u00e1 se dote\u010f soust\u0159edila hlavn\u011b na st\u0159edn\u00ed a\u00a0v\u00fdchodn\u00ed Evropu. Co do tr\u017en\u00ed kapitalizace jde o\u00a0druhou nejv\u011bt\u0161\u00ed banku v\u00a0EU po \u0161pan\u011blsk\u00e9 Banco Santander. Zam\u011b\u0159uje se na person\u00e1ln\u00ed i\u00a0firemn\u00ed bankovnictv\u00ed. Kl\u00ed\u010dov\u00fdm zdrojem jej\u00edch zisk\u016f je ale spolupr\u00e1ce s\u00a0korporacemi a\u00a0movitou klientelou.UniCredit v\u00a0posledn\u00edch letech v\u00fdrazn\u011b expanduje. V\u00a0roce 2024\u00a0p\u0159evzala rumunskou pobo\u010dku Alpha Bank, kterou spravoval mate\u0159sk\u00fd \u0159eck\u00fd koncern\u00a0\u2013 i\u00a0v n\u011bm si UniCredit postupn\u011b buduje pod\u00edl. Instituce p\u016fsob\u00ed i\u00a0na \u010desk\u00e9m trhu. UniCredit Bank se v\u00a0\u010cesku zam\u011b\u0159uje na financov\u00e1n\u00ed \u010desk\u00e9ho pr\u016fmyslu a\u00a0exportn\u00edch podnik\u016f. Slu\u017eby ale nab\u00edz\u00ed i\u00a0soukrom\u00e9 klientele.<\/p>\n

Kritika na adresu Unicredit u\u017e mnohokr\u00e1t zazn\u011bla i\u00a0z t\u011bch nejvy\u0161\u0161\u00edch m\u00edst. Snahu o\u00a0p\u0159evzet\u00ed od za\u010d\u00e1tku odsuzoval i\u00a0n\u011bkdej\u0161\u00ed kancl\u00e9\u0159 Olaf Scholz a\u00a0stejn\u011b to vid\u00ed i\u00a0jeho n\u00e1stupce Friedrich Merz.<\/p>\n

D\u016fvodem jsou i\u00a0obavy z\u00a0propou\u0161t\u011bn\u00ed a\u00a0tak\u00e9 z\u00a0toho, \u017ee by se Commerzbank stala jen fili\u00e1lkou italsk\u00e9 skupiny, pro kterou by n\u011bmeck\u00e9 obchody nem\u011bly prioritu.<\/p>\n

\u0160\u00e9f Unicredit Andrea Orcel chce v\u00fdrazn\u011b expandovat, aby jeho \u00fastav dok\u00e1zal dr\u017eet krok s\u00a0glob\u00e1ln\u00ed konkurenc\u00ed. Podle Orcela mus\u00ed v\u00a0Evrop\u011b vzniknout protiv\u00e1ha americk\u00fdm bank\u00e1m, a\u00a0Unicredit se proto sna\u017e\u00ed rozr\u016fst. V\u00a0posledn\u00ed dob\u011b roz\u0161\u00ed\u0159ila hlavn\u011b sv\u00e9 aktivity v\u00a0Rumunsku a\u00a0v \u0158ecku, a\u00a0nyn\u00ed m\u00e1 v\u00a0hled\u00e1\u010dku pr\u00e1v\u011b N\u011bmecko.<\/p>\n

Commerzbank i\u00a0UniCredit se zam\u011b\u0159uj\u00ed hlavn\u011b na korpor\u00e1tn\u00ed klientelu. N\u011bmeck\u00fd \u00fastav m\u00e1 svou pobo\u010dku i\u00a0v \u010cesku, ale v\u00a0\u010cR z\u00e1rove\u0148 p\u016fsob\u00ed i\u00a0jeho dce\u0159in\u00e1 firma mBank, kter\u00e1 c\u00edl\u00ed i\u00a0na b\u011b\u017en\u00e9 spot\u0159ebitele.<\/p>\n

<\/a><\/p>\n

Pokud by se UniCredit pokus o\u00a0p\u0159evzet\u00ed povedl, pak by automaticky p\u0159evzala spr\u00e1vu i\u00a0nad touto \u010d\u00e1st\u00ed obchod\u016f. \u010cesk\u00e1 UniCredit Bank p\u0159itom t\u011b\u017e\u00ed hlavn\u011b ze vztah\u016f s\u00a0podnikateli a\u00a0ziskem mBank by z\u00e1sadn\u011b pos\u00edlila svou pozici v\u00a0oblasti retailu.<\/p>\n","protected":false},"excerpt":{"rendered":"UniCredit si pod\u00edl v\u00a0Commerzbank buduje u\u017e skoro dva roky. Velkou \u010d\u00e1st obchod\u016f ale prov\u00e1d\u011bla skryt\u011b a\u00a0n\u011bme\u010dt\u00ed regul\u00e1to\u0159i dlouho…\n","protected":false},"author":2,"featured_media":113384,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[1985,67,68,11977,1413,10888,375,7315,4999],"class_list":["post-113383","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-banky","tag-business","tag-byznys","tag-commerzbank","tag-financni-trhy","tag-mbank","tag-nemecko","tag-unicredit","tag-unicredit-bank"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116725741278992399","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/113383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=113383"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/113383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/113384"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=113383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=113383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=113383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}