Commerzbank chief throws more light on UniCredit’s takeover bid

Admin I Monday, 18 November 2024

  

FRANKFURT – Germany’s Commerzbank remains an independent player, the bank’s head, Bettina Orlop, said in Frankfurt on Monday.

Referring to moves by UniCredit towards a complete takeover, she described the Italian bank as “a strategic investor at the moment, not more and not less.”

Orlopp, who took over at Germany’s second-largest bank on October 1 this year, said the bank was not necessarily against consolidation in the European banking market.

“If someone has a good idea on how to the German and European market can be driven forward, we will definitely not oppose them and will listen to it,” she said during a Euro Finance Week event.

At the start of September, UniCredit increased its Commerzbank stake as the German state reduced its holding. Along with financial instruments, UniCredit now holds 21% of the shares.

It has applied to the banking supervisory authority for permission to increase its stake to up to 29.9%.

UniCredit chief executive officer Andrea Orcel recently called for a merger. Referring to UniCredit’s control of Germany’s HypoVereinsbank, he said that Commerzbank and HypoVereinsbank complemented each other ideally and that there were scarcely any overlaps.