Exclusive-Commerzbank readies talks with UniCredit, seeking to stay independent

By John O'Donnell and Tom Sims

FRANKFURT (Reuters) -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.

UniCredit bought a 9% stake in the German lender, expressing interest in a merger of the two.

The decision on Orlopp could come as early as Tuesday, when Commerzbank (ETR:CBKG )'s supervisory board and management begin two days of meetings near Frankfurt to discuss the group's strategy and its response to UniCredit, the people said.

Commerzbank is entering the talks as it is obliged to do so although the bank's management remains opposed to a takeover by the Italian lender, one of the people said. The decision is not final and could yet change.

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.

Earlier this week, Knof snubbed overtures for a takeover.

Source: Investing.com