Commerzbank's leadership stands firmly behind its strategy rooted in independence, as stated by Chief Executive Officer Bettina Orlopp on Tuesday, marking her inaugural day at the helm of the German bank, which is currently being pursued by Italy's UniCredit.
Orlopp acknowledged that UniCredit, which recently acquired a significant stake in Germany's second-largest bank, might seek further involvement with Commerzbank, noting, "This was not a choice we made." Her remarks came in a video message to employees, just days after her meeting with UniCredit CEO Andrea Orcel. Italy's second-largest bank is actively pushing for a merger, while Commerzbank has been strengthening its defenses against such overtures.
"Rest assured, we are working diligently with a robust team of experts to determine the optimal approach to handle UniCredit both now and in the future," she said, according to a transcript of the video obtained by Reuters. "If we receive any external proposals, we will assess them professionally and equitably, always keeping the interests of all stakeholders... in mind," she added.
UniCredit's acquisition of a 9% stake in Commerzbank took the German bank by surprise, with the Italian lender indicating its intention to purchase more shares if regulatory approval is granted, while also pressing for discussions to explore a potential tie-up. This move by UniCredit represents the most aggressive attempt thus far to achieve a pan-European bank merger, though it faces substantial political challenges in Germany, particularly in the lead-up to national elections.
Commerzbank's management, employees, and the nation's chancellor, Olaf Scholz, have all expressed opposition to a possible takeover, but at least one major investor and some business leaders advocate for continued dialogue. Orcel, who has long been interested in a partnership with Commerzbank, recently stated that such a merger would be the most favorable outcome.
In her address to staff, Orlopp encouraged employees to maintain "calm and focus," emphasizing that unity is more crucial than ever.
