Germany will not sell any more shares in Commerzbank for now and the bank's strategy is "geared towards independence," the country's Finance Agency said on Friday, in the clearest sign yet that the government doesn't currently favour a takeover of the nation's No.

The government said it won’t offload any additional shares in the bank following the sale to UniCredit for €702 million. The move marks an U-turn for the government.

Germany will not sell any more shares in Commerzbank for the time being and the bank's strategy is "geared towards independence," the nation's finance agency said on Friday.

UniCredit SpA has demonstrated at its existing German unit that it can cut costs in the country, which bodes well for its potential plans for Commerzbank AG, analysts at KBW wrote in a note.

Germany's two large banks, Commerzbank and DZ Bank, are launching Bitcoin and crypto trading services amid growing demand.

By Tom Sims and Christian Kraemer FRANKFURT (Reuters) -Commerzbank employees and a prominent labour union on Friday called on the German government to oppose a takeover of the German lender by Italy's UniCredit as workers fear massive job losses if a deal goes through.

UniCredit SpA built a 9% stake in Commerzbank AG and plans to enter into talks with the lender, raising the possibility of a takeover that could reshape Europe’s banking landscape.

Germany has made it clear that it will hold onto its remaining shares in Commerzbank for the foreseeable future, affirming that the bank’s strategy remains focused on maintaining its independence. This was confirmed by Germany’s Finance Agency on Friday,