Italian lender UniCredit has increased its equity stake in Germany's Commerzbank to approximately 20% by converting part of its synthetic derivative position into physical shares, making it the largest shareholder of the German bank. UniCredit plans to convert its remaining 9% synthetic position into shares, aiming to raise its total voting rights to around 29%. This move positions UniCredit as the dominant reference shareholder and signals its intention to pursue a majority stake in Commerzbank. The development has drawn attention from German authorities, with Federal Finance Minister Christian Klingbeil calling on UniCredit CEO Andrea Orcel to halt further stake increases.