UniCredit said it had increased its stake in Commerzbank to about 28%

UniCredit SpA has increased its stake in Commerzbank AG to about 28%, stepping up CEO Andrea Orcel’s pursuit of the German lender.

Milan-based UniCredit said in a statement on Wednesday that it had entered into other agreements related to Commerzbank shares. The company said its current stake consists of 9.5% direct ownership and approximately 18.5% derivatives equity.

UniCredit first announced its position in Commerzbank in September, and Orser said he was considering a full acquisition. The German government opposes the agreement.

UniCredit also offered to acquire domestic rival Banco BPM.

“This move reinforces UniCredit’s view that there is significant value within Commerzbank that needs to be crystallized,” it said in a statement. “The position remains an investment at this time and will not have any impact on the public exchange offer with Banco BPM.”