UNICREDIT

Unicredit is preparing to take control of Commerzbank and, according to financial circles, is considering candidates to replace CEO Bettina Orlopp. Michael Diederich of Deutsche Bank is being mentioned as a possible successor, but a move is seen as unlikely because Diederich is said to be satisfied in his current role. Unicredit intends, subject to regulator approval, to increase its stake to almost 50 percent, seek an extraordinary general meeting to renew the supervisory board, and is coordinating next steps with the federal government. » More on handelsblatt.com

UniCredit chief Andrea Orcel is, according to reports, pushing for a swift takeover of Commerzbank and plans—after regulatory approvals via an extraordinary general meeting—to replace the shareholders’ supervisory board and remove CEO Bettina Orlopp. UniCredit now targets gaining control already by January/end of February instead of the previously expected second quarter of 2027. The German federal government is demanding binding commitments on a Frankfurt headquarters, employee rights and growth in Germany, while UniCredit is reviewing cost savings in the billions, thousands of job cuts and reductions in its foreign network. » More on finanzen.net

UniCredit CEO Andrea Orcel reportedly wants to quickly take control of Commerzbank and plans to replace all supervisory board members representing the shareholders and remove CEO Bettina Orlopp. This is to be done via an extraordinary general meeting after regulatory approvals; control could be secured as early as January to the end of February instead of in the second quarter of 2027. UniCredit holds almost 50% of the shares including purchase options and sees potential savings in the billions, including thousands of job cuts and reductions in its foreign network; a tie-up with the former HVB and possible location issues for Munich are causing concern in Frankfurt. » More on finanzen.net