Commerzbank agrees to UniCredit talks after standoff

Commerzbank CEO Bettina Orlopp has called for talks with UniCredit about the German bank's future after the Italian group secured nearly half of its voting rights.

“In the weeks and months ahead, Commerzbank and UniCredit will engage in discussions to determine, step by step, how to move forward,” Orlopp said in an interview on Commerzbank's intranet.

The shift marks a change in tone after nearly two years of confrontation over UniCredit's attempt to take control of Commerzbank. Orlopp said the two institutions needed a constructive dialogue to identify a path forward that created value for everyone involved.

She said talks required a shared understanding of the business model and the involvement of all stakeholders. She also warned that even if UniCredit secured a majority at the next annual general meeting, it would not be able to push through fundamental structural changes on its own.

Orlopp said discussions would be conducted with Commerzbank's supervisory board and employee representatives, and in close consultation with the German federal government.

UniCredit acquired a stake in Commerzbank in September 2024 and has since raised its holding to nearly 50 percent despite repeated opposition from Commerzbank management and the government in Berlin. The German state still holds a 12 percent stake.

Chancellor Friedrich Merz has recently said his government did not want to “prevent this merger”. In response to UniCredit's takeover bid, Commerzbank raised its 2030 financial targets in May and announced 3,000 additional job cuts, saying at the time that remaining independent would create more value than a merger.