Commerzbank boards confirm independent strategy as UniCredit seeks possible tie-up

FRANKFURT: Commerzbank’s supervisory and management boards have unanimously confirmed the bank’s current strategy of independence, the lender said on Thursday, as Italy’s UniCredit presses for a possible tie-up.

UniCredit earlier this month disclosed that it had bought a 9% stake in the German bank, plans to buy more and has pressed for discussions to explore a tie-up.

“Commerzbank is continuously expanding its independent position as a strong pillar in the German banking market and a reliable partner to the domestic economy. As ‘Bank for Germany’, we firmly believe that it has considerable growth and appreciation potential,” Commerzbank said.

Commerzbank’s management, employees and the nation’s chancellor, Olaf Scholz, have all voiced opposition to a potential takeover, but at least one big investor and some business leaders favour talks. The boards “unanimously confirmed its support for its strategy,” the bank said.

Commerzbank seeks share buyback, confirms annual outlook as Q2 profit dips

The bank’s supervisory board, which includes a number of members vehemently against a tie-up, met with management on Wednesday at an annual retreat in the woody hills outside Frankfurt. Commerzbank’s designated CEO, Bettina Orlopp, said the bank would improve profits “more strongly than originally planned”.