UniCredit’s focused model generates twice the cash and trade finance fees of Commerzbank’s fragmented and larger global network

Figure 2. UniCredit vs Commerzbank — trade finance positioning and worldwide presence (2025)

Commerzbank
Commerzbank & UniCredit
UniCredit
World map
New York, USA
Commerzbank: Commerz Markets LLC (subsidiary); FI Desk
UniCredit: S.p.A. branch; Bank GmbH branch
Beijing, China
Commerzbank: Operative branch; FI Desk
UniCredit: S.p.A. Representative Office
Singapore, Singapore
Commerzbank: Operative branch; FI Desk
UniCredit: Bank GmbH branch
Tokyo, Japan
Commerzbank: Operative branch; FI Desk
Shanghai, China
Commerzbank: Operative branch; FI Desk
Abidjan, Côte d’Ivoire
Commerzbank: Representative Office
Addis Ababa, Ethiopia
Commerzbank: Representative Office
Almaty, Kazakhstan
Commerzbank: Representative Office
Amman, Jordan
Commerzbank: Representative Office
Ashgabat, Turkmenistan
Commerzbank: Representative Office
Bangkok, Thailand
Commerzbank: Representative Office
Buenos Aires, Argentina
Commerzbank: Representative Office
Cairo, Egypt
Commerzbank: Representative Office
Casablanca, Morocco
Commerzbank: Representative Office
Dhaka, Bangladesh
Commerzbank: Representative Office
Dubai, UAE
Commerzbank: Representative Office
Ho Chi Minh City, Vietnam
Commerzbank: Representative Office
Johannesburg, South Africa
Commerzbank: Representative Office
Karachi, Pakistan
Commerzbank: Representative Office
Lagos, Nigeria
Commerzbank: Representative Office
Luanda, Angola
Commerzbank: Representative Office
Melbourne, Australia
Commerzbank: Representative Office
Mumbai, India
Commerzbank: Representative Office
Panama City, Panama
Commerzbank: Representative Office
Sao Paulo, Brazil
Commerzbank: Representative Office
Seoul, South Korea
Commerzbank: Representative Office
Taipei, Taiwan
Commerzbank: Representative Office
Tashkent, Uzbekistan
Commerzbank: Representative Office
Overseas footprint
UniCredit (2025)
Controlled banks13
Foreign branches12
Rep offices2
Total staff67,118
International staff40,481 (60.3%)
Commerzbank (2025)
Controlled banks2
Foreign branches14
Rep offices28
FI Desks6
Total staff39,867
International staff14,662 (36.8%)
UniCredit (Italy) Commerzbank (Germany)
Cash & trade
finance fees		 $1.6bn (0.5bn Germany) $0.8bn
Service model
  • 1 Global integrated value chain
  • Centralised production, leveraging scale
  • Focused correspondent banking model via partnership
  • Decentralised and fragmented service model
  • Multiple local setups & processes
  • Broad correspondent network with overlapping physical locations
International
growth		 Flat Trade Finance & cash fees (2025)
+3% Loan growth		 Flat Trade Finance & cash fees (2025)
+24% Loan growth
International
focus		 Germany, Austria and Central and Eastern Europe (CEE), with CEE contributing 23% of group net profit. Germany-focused, with Poland as its second core market and a fragmented international corporate-banking network.
Note: Cash and trade finance fee income and loan growth are based on UniCredit’s figures for both banks. UniCredit’s Moscow subsidiary is ring-fenced and undergoing an accelerated wind-down. Source: TABInsights