Bettina Orlopp, CEO of Commerzbank, has stated that Italy’s UniCredit will not be acquiring the German financial institution, reported Reuters.
Speaking at a banking conference, Orlopp also affirmed that the ultimate decision will be left to the shareholders.
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Despite UniCredit’s acquisition of a 26% equity stake in Commerzbank over the past year, alongside efforts to pursue a merger, Commerzbank has resisted these advances.
Orlopp conveyed a resolute stance against UniCredit’s approaches.
When questioned about the possibility of a UniCredit takeover, she responded, “Of course, no”.
Orlopp emphasised, “Our shareholders will decide, and that is where the decision belongs.”
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By GlobalDataThe feasibility of any potential agreement, Orlopp indicated, hinges on its ability to generate value.
She remarked, any deal “will depend on whether such a transaction makes sense, yes or no, whether it creates value, yes or no, and that will ultimately be the deciding factor”.
UniCredit first announced its acquisition of a significant stake in Commerzbank in September 2024, with CEO Andrea Orcel noting ambitions to establish a new banking leader for Germany and contribute to the rejuvenation of the German economy.
However, Commerzbank has maintained its stance on independence, citing concerns from employees, the German government, and customers.
“We have been able to demonstrate many, many successes over the past 12 months… And we have no intention of slowing down. We are fully focused on implementing our strategy,” Orlopp stated.
Recently, UniCredit bolstered its voting rights in Commerzbank to around 26% by converting more synthetic positions into actual shares and reiterated plans to further increase its equity voting stake to about 29%.
The development positioned UniCredit as Commerzbank’s largest shareholder, overtaking the German government’s holding.
The government has expressed its opposition to a takeover, with a spokesperson stating that Berlin “rejects UniCredit’s renewed uncoordinated and unfriendly action”.
