Commerzbank CEO Bettina Orlopp states that the expansion of Unicredit’s stake to nearly 50 percent of voting rights does not represent a failure of the company’s strategy.
Referring to the start of their journey in September 2024, Orlopp commented in the “Frankfurter Allgemeine Zeitung” (Friday edition) that the share price was not yet where it should have been. She emphasized that since then, they have fulfilled their promises to the market and investors. “We wanted to create value, not follow a defense strategy that destroys value. We have demonstrated this convincingly,” she said. She noted that the bank had completed a record year in 2025 and maintained highly ambitious goals for 2026 and subsequent years.
Following the stock exchange offer, Unicredit increased its access to almost half of the voting rights. However, according to Orlopp, these rights are only effectively available after approval from the European Central Bank. Moreover, Unicredit remains far from achieving a qualified majority of 75 percent at the Annual General Meeting. While Orlopp reaffirmed that Commerzbank wishes to continue constructive dialogue with Unicredit, she highlighted the difficult situation, pointing out that the Italian major shareholder is also a competitor. “Unicredit is a competitor, and that brings uncertainty,” she noted.
In the short term, the day-to-day operations will remain unchanged. The bank will continue to share information with Unicredit, just as it does with other investors, as long as the topics are not confidential. Orlopp also clarified that for complete integration, Unicredit requires more than just control. It needs structural measures, qualified majorities, and the support of management, supervisory board members, employee representatives, and the federal government, which is the second-largest shareholder. “As long as there is no binding agreement, no merger, and no squeeze-out, I must act independently,” Orlopp concluded.
