Bettina Orlopp, the CEO of Commerzbank, reiterated the bank’s independence.
When asked about the takeover contest with Italy’s Unicredit, Orlopp told the Sunday edition of the Frankfurter Allgemeine that “size alone is no value”. She warned that a merger would push a larger number of corporate clients to look for a new banking partner, because concentrating too much business in one institution creates a systemic risk.
She added to the FAS that it should never be the case that customers are forced to switch to large banks outside the EU, arguing that such a shift would undermine a competitive Germany and Europe. She noted that banks from outside the EU are already attempting to establish a stronger foothold here.
When questioned about comments from her Unicredit colleague Andrea Orcel, who said it was too early to tell if he was doing a good job, Orcel said: “Everyone has their own style; I prefer to let the numbers speak for themselves. Looking at the figures that way, I remain calm-no matter what Mr Orcel says”.
