Frankfurt (Germany) (AFP) – Commerzbank CEO Bettina Orlopp has called for the opening of talks with UniCredit regarding the German bank’s future, deeming a “constructive dialogue” necessary after the Italian group secured nearly half of the voting rights.
“In the weeks and months ahead, Commerzbank and UniCredit will engage in discussions to determine, step by step, how to move forward,” Orlopp said in an interview on Commerzbank’s intranet that AFP obtained from a source close to the bank. The shift in tone marks a turning point following nearly two years of fierce confrontation over UniCredit’s attempt to take control of the German bank.
“Our two institutions must now engage in a constructive dialogue to identify a path forward that creates value for everyone involved,” said the CEO, who set as a prerequisite for the talks “a shared understanding of the business model and the involvement of all stakeholders”. Even though UniCredit was expected to secure a majority at the next Annual General Meeting, “it will not be able to push through fundamental structural changes on its own,” she warned.
The discussions will be conducted “in close cooperation with the Supervisory Board and employee representatives, and in close consultation with the German Federal Government”. UniCredit acquired a stake in Commerzbank in September 2024 and has since raised its holding to nearly 50 percent, despite repeated opposition from the German bank’s management and the government in Berlin.
The German state, which still holds a 12 percent stake, has in recent weeks significantly shifted its stance, with Chancellor Friedrich Merz saying his government did not want to “prevent this merger”. According to Orlopp, talks with UniCredit will begin “with the strongest Commerzbank in our 156-year history”.
In response to UniCredit’s takeover bid, Commerzbank raised its financial targets for 2030 in May and announced 3,000 additional job cuts, asserting at the time that remaining independent would create more value than a merger with the Italian bank.
© 2024 AFP
