Takeover: Boris Rhein meets Unicredit CEO - and presents five demands for the future of Commerzbank
The Prime Minister of Hesse made it clear at a meeting with Andrea Orcel what is important to him after the takeover of Commerzbank. One point in particular has the potential for conflict.
Ministerpräsident Boris Rhein (CDU) met Unicredit CEO Andrea Orcel in Wiesbaden on Thursday, during which he presented five demands for the future of Commerzbank. Firstly, Rhein insisted that Commerzbank should remain a publicly traded company with its own stock exchange listing in Germany. Secondly, he emphasized that the legal and management headquarters of Commerzbank should permanently remain in Frankfurt.
Thirdly, he insisted that all bank-related functions should also be located in Frankfurt. Fourthly, he stated that the Commerzbank name and its status as a key brand in the German market should be preserved after the merger with Unicredit subsidiary Hypovereinsbank (HVB). Lastly, Rhein demanded that no transfer of corporate customer business to HVB or other Unicredit units take place.
The Hessian State Attorney's office made no comment on the meeting. Unicredit stated that the Milan institute has been seeking direct exchange with the government for some time. A spokesperson for Unicredit appreciated the direct exchange with Rhein. The sale of Commerzbank, like the Federal Government, had long been rejected by Rhein.
However, Unicredit will soon control almost half of Commerzbank's shares and therefore have a majority at the next general meeting. German politics therefore wants to make its demands clear to Orcel in talks. Federal Finance Minister Lars Klingbeil (SPD) invited him for a meeting in Berlin on September 14th.
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