Commerzbank executives maintain their current strategic direction remains unchanged despite a recent increase in UniCredit’s stake in the German lender. Carsten Schmitt, Commerzbank’s Chief Financial Officer, confirmed to the Frankfurter Allgemeine Zeitung that the move by UniCredit to raise its shareholding to 20 percent was not coordinated and doesn’t necessitate a shift in the bank’s approach.
“The higher shareholding of UniCredit has no impact on our strategic orientation or our ambitions” Schmitt stated. He emphasized that the bank is proceeding as planned and successfully delivering on its commitments.
UniCredit’s actions last week brought its total ownership, including derivative instruments, to approximately 29 percent of Commerzbank. Should UniCredit’s stake exceed 30 percent, the Italian banking group would be legally obligated to make a takeover bid for Commerzbank.
The Commerzbank leadership is committed to preserving the bank’s autonomy, a position that aligns with the German government’s skepticism toward UniCredit’s plans. Schmitt expressed confidence in Commerzbank’s course, citing the solid stance of stakeholders as validation that the bank is on the “right track”.
