Commerzbank CEO Calls For Dialogue With UniCredit
By Adria Calatayud
Commerzbank's chief executive called for a constructive dialogue with UniCredit after the Italian bank achieved a near majority stake in its German rival.
"Even when UniCredit holds a majority at the next annual general meeting, it cannot unilaterally decide on fundamental structural measures," Commerzbank CEO Bettina Orlopp said Thursday. "This creates a clear responsibility for both sides. It requires a shared understanding of the business model and the involvement of all stakeholders."
Orlopp's comments came after UniCredit last month closed a tender offer for Commerzbank that left it close to majority ownership and its boss Andrea Orcel said he expected the German lender to adopt UniCredit's strategy from the beginning of next year.
Commerzbank also said it plans to launch a share buyback program of up to 1.2 billion euros ($1.39 billion), for which it got approval from European and German banking regulators.
The bank said it made a net profit of 898 million euros for the second quarter, up from 462 million euros for the year-earlier period.
Revenue climbed 9.3% to 3.3 billion euros, driven by higher commission income. Net interest income--the difference between what banks earn on loans minus what they pay out on deposits--was flat at 2.06 billion euros.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
August 06, 2026 01:45 ET (05:45 GMT)
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