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Italian lender UniCredit has increased its equity stake in Commerzbank to 20% by converting derivatives into stock.

German lender Commerzbank said Wednesday it was committed to its strategy after Italian bank UniCredit formally upped its stake in its rival, laying the ground for a potential takeover bid.

UniCredit increased its shareholding in Commerzbank to 20%, giving the Italian lender a bigger stake in the German competitor as it seeks to win over opposition to a possible takeover of the rival.

German lender Commerzbank said Wednesday it was committed to its strategy after Italian bank UniCredit formally upped its stake in its rival, laying the ground for a potential takeover bid.

The Italian lender now owns around 20% of Commerzbank’s shares and is the largest shareholder of the bank it hopes to engineer a merger with.

Frankfurt-based Commerzbank aims to issue an SRT tied to €2 billion ($2.4 billion) of loans, according to the people, who asked not to be named.

Simply sign up to the European banks myFT Digest -- delivered directly to your inbox. UniCredit on Tuesday said it had increased its equity stake in Commerzbank to about 20 per cent, as the ...