New Commerzbank CEO backs strategy built on independence

Frankfurt — Commerzbank’s leadership fully supports its strategy built on independence, CEO Bettina Orlopp said on Tuesday, her first day at the helm of the German bank being courted by Italy’s UniCredit.

Orlopp said that UniCredit, which snapped up a stake in Germany’s No 2 bank last month, might want more of Commerzbank, adding “this wasn’t something we chose”.

She made the comments in a video statement to staff days after her meeting with UniCredit CEO Andrea Orcel.

Italy’s second biggest bank is pressing for a tie-up while Commerzbank has been honing its defence against the overture.

“Rest assured, we’re working tirelessly with a strong team of experts to find the best way to deal with UniCredit now and in the future,” she said, according to a transcript of the video seen by Reuters.

“If we receive any external proposals, we will evaluate them professionally and fairly, keeping the interests of all stakeholders ... in mind,” she said.

UniCredit caught Commerzbank off guard when it scooped up a 9% stake, saying it planned to buy more shares if it got regulatory clearance while pressing for discussions to explore a tie-up.

The Italian lender’s move is the most ambitious attempt yet at a pan-European bank merger but it faces considerable political hurdles in Germany ahead of national elections.

Commerzbank’s management, employees and the nation’s chancellor, Olaf Scholz, have all voiced opposition to a potential takeover, but at least one big investor and some business leaders favour talks.

Orcel, who has long held an interest in a tie-up with Commerzbank, last week said it would be the best outcome.

In her message to staff, Orlopp urged employees to work with “calm and focus”, adding that standing together was needed “more than ever”.

Reuters