Germany's Commerzbank stresses independence as UniCredit hovers

Commerzbank remains committed to its independence, according to the bank’s CEO, Bettina Orlopp, who spoke in Frankfurt on Monday. Addressing speculation around a potential takeover by UniCredit, Orlopp emphasized that the Italian bank is currently “a strategic investor, nothing more and nothing less.”

Germany's Commerzbank stresses independence as UniCredit hovers

Orlopp, who assumed leadership of Germany’s second-largest bank on October 1, expressed openness to the idea of consolidation within the European banking sector but stressed that Commerzbank is not actively pursuing such options. "If someone presents a compelling plan to advance the German and European markets, we are certainly open to listening, but we won’t actively seek it out,” she stated at the Euro Finance Week event. The comments come in the wake of UniCredit increasing its stake in Commerzbank earlier in September, coinciding with the German government's reduction of its own shareholding. Including financial instruments, UniCredit now controls 21% of Commerzbank shares. The Italian bank has also applied for regulatory approval to raise its stake to as much as 29.9%.

UniCredit's CEO wants the merger

UniCredit CEO Andrea Orcel has been vocal about the potential benefits of a merger, highlighting how Commerzbank could strategically align with UniCredit’s existing German subsidiary, HypoVereinsbank, with minimal overlap between the two institutions. Orcel believes that combining these entities could create a stronger foothold in the German market. While Commerzbank remains open to dialogue, Orlopp’s comments underline the bank’s intent to maintain its autonomy amid growing speculation of a takeover bid.