UniCredit SpA Chief Executive Officer Andrea Orcel used Barclays Plc to help quietly build up a stake in Commerzbank AG, a move that has shaken European finance and triggered a backlash from the German government.

UniCredit SpA Chief Executive Officer Andrea Orcel used Barclays Plc and Bank of America Corp. to help him quietly build up a stake in Commerzbank AG, a move that has shaken European finance and triggered a backlash from the German government.

Barclays has helped UniCredit to build a secret 21% stake as Italian lender looks to force the German bank to the negotiating table

Italy's UniCredit defied Germany's defence of Commerzbank by using derivative contracts on Monday to raise its potential stake in the German bank close to 21%, while waiting for regulatory approval to go above 9.

UniCredit on Monday said it’s reached an agreement to further increase its stake in Commerzbank as the German government increasingly attempts to ward off an Italian acquisition of its number-two bank.

Italy's UniCredit increased its holding in Commerzbank to around 21%.

Italian bank says purchase will complete only once it receives regulatory approval to increase holding from 9%

UniCredit SpA Chief Executive Officer Andrea Orcel moved to more than double the lender’s stake in Commerzbank AG, in a dramatic development that’s likely to escalate tensions with the German government.