Commerzbank CEO Calls For Dialogue With UniCredit — Update
By Adria Calatayud
Commerzbank's chief executive called for a constructive dialogue with UniCredit, signaling openness to collaborate after tussling over a tender offer that left the Italian bank with a near majority stake in its German rival.
UniCredit is nearly two years into an effort to take over the German lender, a period during which executives of the two banks often clashed. Most recently, both lenders exchanged accusations during a tender offer that resulted in UniCredit increasing its Commerzbank stake to 47.6%, and separately asked Germany's financial watchdog to look into the process.
Commerzbank CEO Bettina Orlopp said Thursday that it was time to start a dialogue with UniCredit to discuss a joint approach.
"Even when UniCredit holds a majority at the next annual general meeting, it cannot unilaterally decide on fundamental structural measures," Orlopp said. "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 as her counterpart at UniCredit, Andrea Orcel, last month laid out his future plans for Commerzbank, saying he expected the German lender to adopt UniCredit's strategy from the beginning of next year.
As part of its strategy to fend off UniCredit, Commerzbank had promised to boost profitability and payouts to shareholders.
Commerzbank said Thursday that it plans to launch a share buyback program of up to 1.2 billion euros ($1.39 billion), reaffirming its intention to hand back to shareholder all of its earnings for the year.
For the second quarter, the bank said it made a net profit of 898 million euros, 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.
Commerzbank also reiterated its guidance for 2026 and its midterm targets.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
August 06, 2026 07:48 ET (11:48 GMT)
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