Commerzbank Sees Light at End of Tunnel as Orlopp Softens Stance on UniCredit Takeover

Commerzbank's Italian Question has taken a surprising turn as CEO Bettina Orlopp shifts her tone from resistance to partnership. In an interview, she called for a 'constructive dialogue' between Commerzbank and UniCredit, acknowledging the latter's impending control of the German bank.

UniCredit now holds 44.37% of Commerzbank's shares, up from its existing 26.77%, following a voluntary tender offer that attracted around 17.6% of shares by early July. The Italian bank expects European Central Bank approval for full control as soon as the fourth quarter of 2026.

Orlopp emphasized that even with a majority stake, UniCredit cannot unilaterally push through major structural changes. A structured process is underway, involving talks between the two banks, their supervisory boards, worker representatives, and the German government.