Commerzbank

Ahead of Finance Minister Lars Klingbeil’s meeting with UniCredit CEO Andrea Orcel, the union Verdi is pressing for the federal government to keep its roughly 13% stake and the right to two supervisory board seats at Commerzbank. Verdi demands site guarantees, a ban on redundancies for operational reasons, and sustainable agreements with UniCredit to protect jobs and safeguard SME financing. Citing the staff cuts at HVB after its takeover by UniCredit as a warning, Verdi stresses the need for state involvement during the transition period. » More on handelsblatt.com

Hesse’s Minister-President Boris Rhein met UniCredit chief Andrea Orcel and set out conditions for the planned takeover: Commerzbank’s legal seat and board should remain in Frankfurt, the bank should be retained as a German stock corporation, and key functions as well as the corporate banking business must not be transferred to HypoVereinsbank. UniCredit has secured access to almost 50 percent of the shares and, according to Orcel, is aiming for billion-euro cost savings, the elimination of thousands of jobs and a streamlining of its international network. Federal Finance Minister Lars Klingbeil has invited Orcel to Berlin for September 14; Commerzbank shares fell slightly intraday. » More on finanzen.net

Hesse's Minister-President Boris Rhein met UniCredit chief Andrea Orcel and set out conditions for the planned takeover of Commerzbank. The state government insists that the legal registered seat and the management board remain in Frankfurt, key banking functions stay in Frankfurt, and that no corporate banking business be transferred to HypoVereinsbank. The federal government also wants a say; Federal Finance Minister Lars Klingbeil has invited Orcel to talks in Berlin on September 14. Orcel has announced potential cost savings and job cuts as well as a slimming of the foreign network, which has raised fears in Frankfurt of a merger with HVB and of job losses. » More on finanzen.net