Commerzbank CEO Bettina Orlopp confirmed that the bank will resume talks with UniCredit regarding a potential pan-European deal. This comes after UniCredit made a takeover offer for Commerzbank, which saw a low acceptance rate among independent shareholders (less than 2%). Orlopp highlighted that the German federal government, employee representatives, and the supervisory board expect UniCredit to engage constructively, emphasizing the need for dialogue to create value. She stressed that a consensual solution involving management, employees, and the German government is essential for realizing synergies from a combination.
Commerzbank has demonstrated strong financial performance, with CEO Orlopp indicating the bank is on track to double profit by 2030 and targeting a net return on tangible equity of 21% by 2030. The bank reported a $1.6 billion operating profit in its first-quarter results and expects net interest income to reach approximately $8.6 billion for 2026. The bank's "Momentum 2030" strategy, launched in February 2025, has already led to a doubling of its share price and a record year in 2025. Despite the strong performance, Commerzbank plans to cut about 3,000 jobs to help achieve its targets.
Orlopp reiterated Commerzbank's openness to further discussions with UniCredit but stressed that the Italian lender must acknowledge the strength of Commerzbank's standalone strategy. She stated that Commerzbank's shareholders should expect a premium for any acquisition, given the bank's upside potential. She also criticized UniCredit's offer for lacking details on integration, particularly with its Munich-based subsidiary HypoVereinsbank, and on how pan-European synergies would be realized without a formal European banking union. UniCredit currently holds a 28% stake in Commerzbank and aims to increase it beyond 30%.
