Banks: Unicredit plans possibly earlier takeover of Commerzbank
Instead of in the second quarter, Unicredit CEO Orcel is reportedly planning to take over Commerzbank as early as January. This is to be followed by far-reaching internal changes and a restructuring of the business.
Milan - Unicredit's chief executive, Andrea Orcel, is reportedly considering taking control of German banking rival Commerzbank in the coming months, according to a newspaper report. The takeover timeline had previously been set for the second quarter of 2027. Once the necessary approvals for the acquisition are in place, Orcel plans to call an extraordinary shareholders' meeting, according to Financial Times, citing sources familiar with the plans.
To achieve a de facto majority, Unicredit aims to replace all ten representatives of shareholders on the 20-member supervisory board. The German bank's chief executive, Bettina Orlopp, is also said to be leaving the company, as reported. Unicredit currently holds a 47.6% stake in Commerzbank. Orcel intends to streamline Commerzbank and reduce the company's workforce significantly.
The plans include cutting down on international business and downsizing around €20 billion worth of corporate loans outside of core markets, Germany and Poland, unless they are crucial for the mid-sized market. Furthermore, Unicredit intends to cut costs, with previous bank estimates citing around 7,000 vulnerable positions. Orcel has dismissed claims from labor unions that up to 15,000 jobs could be lost.
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