Italian banking giant Unicredit is reportedly preparing intensely for a takeover of the controlling stake in Commerzbank. According to financial circles, the Milan-based financial house is already considering potential candidates to succeed Commerzbank CEO Bettina Orlopp.
Michael Diederich is one name being discussed within Unicredit, three individuals familiar with the matter told the Handelsblatt. The 61-year-old currently serves as Co-Head of the corporate client bank at Deutsche Bank. His prior experience includes leading Hypo-Vereinsbank (HVB), the German subsidiary of Unicredit, from 2018 to 2023, a period during which he maintained good relations with Unicredit CEO Andrea Orcel. Before that, Diederich worked as the Chief Financial Officer for the Bundesliga football club Bayern Munich.
However, whether Diederich would actually accept the Commerzbank role is questionable. Financial sources indicated that he is very content with his current position at Deutsche Bank, making a move to Commerzbank unlikely. Neither Diederich nor Unicredit offered comment on the issue.
Currently, financial circles suggest that Unicredit’s priority is coordinating with the German government regarding the next steps for Commerzbank. Therefore, the discussion about who could possibly replace Orlopp is considered premature. In principle, Unicredit intends to evaluate several potential candidates for the executive role.
