Commerzbank CEO Bettina Orlopp has called for the opening of talks with UniCredit regarding the German bank's future, marking a turning point after nearly two years of fierce confrontation. In an interview on Commerzbank's intranet obtained by AFP, Orlopp said the two institutions must engage in a constructive dialogue to identify a path forward that creates value for everyone involved, with a prerequisite of a shared understanding of the business model and the involvement of all stakeholders. UniCredit acquired a stake in Commerzbank in September 2024 and has since raised its holding to nearly 50 percent, despite repeated opposition from the German bank's management and the government in Berlin. The German state, which still holds a 12 percent stake, has recently shifted its stance, with Chancellor Friedrich Merz saying his government did not want to prevent a merger. Orlopp warned that even if UniCredit secures a majority at the next Annual General Meeting, it will not be able to push through fundamental structural changes on its own, and discussions will be conducted in close cooperation with the Supervisory Board, employee representatives, and the German Federal Government.
Commerzbank AGCommerzbank agrees to talks with UniCredit, potential merger could change its future but outcome uncertain.
UniCredit SpAUniCredit's stake increase and talks signal progress towards potential merger, likely beneficial for its expansion.