Commerzbank boss Bettina Orlopp also expects a new federal government to have a negative attitude towards a takeover by UniCredit.
“Politicians across parties have now positioned themselves very clearly in favor of Commerzbank’s independence and have criticized hostile actions – both at the federal and state level and in the Frankfurt financial center,” Orlopp told the Süddeutsche Zeitung. “So I don’t expect things to be viewed differently when we have a new government.”
She also assumes that the federal government will “handle responsibly” its remaining 12 percent share in Commerzbank. Another one Job cuts She did not rule out the possibility at the bank with around 42,000 employees. “We will continue to optimize our costs in the future. This is a permanent business task – whether with or without a merger.”
UniCredit has now secured access to 28 percent of the shares – partly through financial instruments. The Italian bank has also submitted documents to acquire a stake in Commerzbank of up to 29.9 percent.
UniCredit boss Andrea Orcel did not seek discussion beforehand, Orlopp continued. “That would have made a lot of things easier. UniCredit could have at least tested the interest,” she said. “If you then turn it down, you can still change the strategy, but starting like that per se is unusual. At the latest when the harsh public reaction from politicians came after the purchase of the additional shares, UniCredit could have said, okay, we’ll switch gears Take a step back and talk to each other now.”
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