The European Central Bank has given UniCredit the green light to buy up to 29.9% of Commerzbank , the Italian bank said on Friday, adding it would likely wait until next year before deciding whether to pursue a full takeover.

The European Central Bank has given UniCredit the green light to buy up to 29.9% of Commerzbank, the Italian bank said, adding it would likely wait until next year before deciding whether to pursue a full takeover.

Italian banking giant UniCredit said Friday it had secured approval from the European Central Bank to buy up to 29.9 percent of Commerzbank, opening the door to a possible takeover of its German rival.