Bettina Orlopp, the CEO of Commerzbank, criticized the takeover proposal from Italian banking giant Unicredit, while affirming the bank’s independence. She told the “Süddeutsche Zeitung” that in the past 18 months the bank had not lost ground but had “won”, creating value for shareholders, customers, and employees.
Orlopp accused Unicredit chairman Andrea Orcel of a lack of transparency and shifting justifications for the proposal. “We still have no idea what Unicredit actually wants” she said. “When someone knocks on the door with an idea, we expect them to also explain what that idea looks like”. She added that the bank remains open to dialogue but demands a clear concept.
She warned about the consequences of Unicredit’s target cost‑revenue ratio of 35 percent. “That level can only be reached with a three‑quarters reduction in staff” she said. “You can’t claim that a workforce cut is a whim; it simply doesn’t work”. The cost‑revenue ratio measures how much of a bank’s earnings are eaten by its costs – the lower the figure, the more efficient the institution.
Orlopp also criticized the current offer for its lack of a share premium. Despite the pressure to merge, she expressed overall optimism: Commerzbank is “strong and on course”. The bank plans to revisit its financial targets soon, aiming to beat its existing projections. “Our shareholders are very satisfied with Commerzbank” she added.
She reiterated that the bank would consider any bona fide offer if presented, a principle it has always adhered to. According to her, the strategy to date has proven effective: “If Unicredit had taken us over in fall 2024, shareholders would have seen more than 15 billion €. left on the table”.
Since Unicredit stepped into Commerzbank in the fall of 2024 and has since increased its stake to almost 30 percent, it openly pursues the acquisition of Germany’s second‑largest private bank. The Commerzbank board resists the Milan push. A week ago, Unicredit CEO Andrea Orcel presented a voluntary takeover bid for the remaining shares, aiming to force the bank onto the negotiation table, according to his own words.
