Commerzbank: Rhein stellt Unicredit-Chef Forderungen zur Commerzbank

Frankfurt am Main – Hessens Ministerpräsident Boris Rhein (CDU) recently met with Unicredit CEO Andrea Orcel to present a list of demands regarding the planned takeover of Commerzbank. A spokesperson for the Italian bank, which holds nearly 50% of Commerzbank's shares, confirmed the exchange and described it as "constructive dialogue": "We have made it clear in recent weeks that we seek direct communication with the government. We therefore highly value the direct exchange with Hessens Ministerpräsident Rhein."

According to the Deutsche Presse-Agentur, the Hessian state government demands that Commerzbank's legal headquarters and board remain in Frankfurt, with the bank retaining its status as a German public limited company. Important functions for banking should stay in Frankfurt, and there should be no transfer of corporate customer business to the Hypovereinsbank (HVB).

Rhein emphasized the significance of Commerzbank and its jobs for the financial location of Frankfurt. Thus, the takeover of Commerzbank is gaining momentum at the political level as well.

Federal Finance Minister Lars Klingbeil (SPD) invited Orcel for a meeting in Berlin on September 14th. The Bund (Federal Government) has a stake of around 12% in Commerzbank, a result of the state bailout of the bank during the financial crisis, and wants to have a say in the takeover negotiations. Orcel sees potential for billion-euro savings in a Commerzbank takeover, including the reduction of thousands of jobs.

He also intends to trim the Commerzbank's overseas network. Concerns persist at Commerzbank about the bank potentially collapsing, and there are fears in Frankfurt that a merger with HVB could result in Munich becoming the main headquarters. The source indicates that Orcel hints at a potential retreat in the context of Unicredit's takeover.