Anabelle Colaco
18 Sep 2026, 10:09 GMT+10
FRANKFURT, Germany: UniCredit wants changes at the top of Commerzbank as it moves toward taking over the German lender, with CEO Andrea Orcel opposed to Bettina Orlopp remaining as chief executive, three people with knowledge of the matter said.
The Italian bank also wants Commerzbank Chairman Jens Weidmann to leave, according to two of the people.
The leadership issue comes as UniCredit and the German government begin engaging more directly over the takeover. German Finance Minister Lars Klingbeil and Orcel met Monday to discuss the Italian bank's plans, marking a turning point in the two-year battle for control of one of Germany's biggest banks after Berlin failed in its attempt to stymie a takeover. Both described the meeting as "constructive."
UniCredit did not respond to a request for comment.
A Commerzbank spokesperson dismissed the prospect of management changes, saying, "The board of Commerzbank AG has running contracts, the supervisory board is elected by the general assembly, and there's full alignment on strategy."
UniCredit also opposes the German government retaining two seats on Commerzbank's supervisory board, three people with knowledge of the matter said.
Germany's finance ministry declined to comment further after saying Monday that it wants to retain two board seats. It was unclear whether the leadership positions or UniCredit's opposition to the government keeping the seats were discussed at Monday's meeting.
"We are currently represented on Commerzbank's supervisory board and will continue to be," Klingbeil told reporters Tuesday, adding: "And, naturally, if and when the time comes, we also expect to be represented on UniCredit's board".
Orlopp said last month that she did not feel under pressure to step down following the months-long ownership battle over Germany's second-largest bank. Both she and Weidmann have said Commerzbank should remain independent.
Over the summer, Orcel repeatedly said he wanted to engage with Commerzbank employee representatives, local authorities and the central government, while leaving out Orlopp and Weidmann. He also said UniCredit was in a position to call an extraordinary shareholder meeting and appoint new shareholder representatives at Commerzbank.
Germany gained the right to appoint two board members after rescuing Commerzbank during the 2009 global financial crisis. It retains a 13.3% stake, and it is unclear how UniCredit could prevent Berlin from retaining two members while the government remains a shareholder.
Berlin has also set other conditions for a UniCredit takeover, including keeping Commerzbank listed on the stock exchange and based in Frankfurt, as well as continuing to finance German medium-sized companies at home and abroad.
German government officials and Commerzbank executives softened their stance toward a potential deal after months of resistance as UniCredit accumulated a stake of nearly 50%.
German officials are now seeking to protect jobs and the Commerzbank brand. The bank plays a critical role in financing medium-sized companies in Europe's largest economy, whose government is in the midst of a political crisis.
A combination of UniCredit and Commerzbank would create a bank with more than €1.3 trillion in assets across two of the euro zone's largest economies.
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