Andrea Orcel, chief executive of Italian banking group UniCredit, does not want Bettina Orlopp to remain as CEO of Germany's Commerzbank as he pushes ahead with a move to acquire the German lender, and he also opposes the German government keeping two seats on the supervisory board, according to three people familiar with the matter. According to two of the people, UniCredit is also seeking the departure of Commerzbank chairman Jens Weidmann. German Finance Minister Klingbeil and Orcel met on the 14th to discuss UniCredit's plan to acquire Commerzbank, a turning point for the two sides that have been at odds for two years over control of Commerzbank. Both sides described the meeting as constructive. A Commerzbank spokesperson denied speculation that management would be changed, and the German Finance Ministry said on the 14th that it wants to keep its two supervisory board posts. Klingbeil told reporters on the 15th that Germany currently has representatives on Commerzbank's supervisory board and will continue to do so, adding that it naturally expects its representatives to join UniCredit's board as well when the appropriate time comes.
Commerzbank AGUniCredit's acquisition push would remove Commerzbank's CEO and chairman, but the outcome and terms remain uncertain.
UniCredit SpAUniCredit is advancing its acquisition of Commerzbank but faces German government resistance over board seats.
