Commerzbank is willing to put CFO Bettina Orlopp in charge of talks with UniCredit ahead of a meeting of the German bank’s supervisory board, according to Reuters.
Italy’s UniCredit recently bought a 9 per cent stake in Commerzbank after expressing interest in merging the two banks, with next week’s meeting paving the way for talks between the two countries.
Commerzbank management remains opposed to a takeover by the Italian creditor, a source revealed. Meanwhile, the bank’s chief executive Manfred Knof announced he would step down as CEO at the end of 2025, just hours before UniCredit announced its stake.
With more than 25,000 business customers, nearly a third of Germany’s foreign trade payments and more than 42,000 employees, Commerzbank represents the backbone of the German economy.
UniCredit first approached Berlin to declare its interest in taking over Commerzbank in 2017, and was again considering a rival bid for the German lender in 2019 when Commerzbank was discussing a possible merger with Deutsche Bank.
When UniCredit CEO Andrea Orcel returned this month to buy the stake, it took German government officials off guard. According to the source, Commerzbank began persuading the government not to sell the remaining 12 per cent stake to avoid a full takeover by UniCredit.
As a result, government officials postponed a further sale of the state’s remaining stake.
The takeover discussions are unfolding at a challenging time as Germany’s coalition government prepares for national elections next year. The recent strong successes of the national-oriented Alternative for Germany (AfD) and the Sahra Wagenknecht Alliance (BSW) put pressure on the three-party government, including the FDP party, which heads the finance ministry responsible for the stake sale.
