Commerzbank readies talks with UniCredit, seeking to stay independent

Commerzbank is poised to put CFO Bettina Orlopp in charge of talks with UniCredit when the German bank’s supervisory board meets next week, two people with knowledge of the matter said, as the Italian rival eyes a takeover.

UniCredit recently bought a nine per cent stake in Commerzbank, expressing interest in a merger of the two. The meeting next week would pave the way for talks between the two to begin.

Commerzbank is entering the discussions as it is duty bound to shareholders to do so, although the bank’s management remains opposed to a takeover by the Italian lender, one of the people said.

The decision to have Orlopp lead the talks could come as early as Tuesday, when Commerzbank’s supervisory board and management begin two days of meetings near Frankfurt to discuss the group’s strategy and response to UniCredit, the people said.

Commerzbank declined to comment.

The bank’s chief executive Manfred Knof announced he would step down from the CEO role at the end of 2025 just hours before UniCredit revealed its stake, raising questions about whether he was best positioned to lead any talks.

Commerzbank, with more than 25,000 business customers, almost a third of German foreign trade payments and more than 42,000 staff, is a linchpin of the German economy, Europe’s industrial motor.

The takeover interest has already prompted a backlash from trade unions.

Earlier this week, Knof snubbed overtures for a takeover.

Long-standing interest

UniCredit first approached Berlin to flag its interest in a takeover of Commerzbank in 2017 and considered a competing bid for the German lender again in 2019, when Commerzbank was discussing a tie-up with Deutsche Bank.

That pressure is strongest on the smallest member of that coalition, the liberal FDP party, which runs the finance ministry, responsible for the stake sale.

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