Commerzbank CEO says Unicredit stake increase not a failed defence strategy

Commerzbank chief executive Bettina Orlopp said the expansion of Unicredit’s shareholding to almost 50 % of voting rights should not be viewed as a failed defensive strategy. Unicredit increased its stake after a share‑swap offer, but the voting rights will only become effective after approval by the European Central Bank, and the bank remains below the 75 % qualified majority needed for full control.

Orlopp highlighted that since the September 2024 launch, the bank has delivered a record 2025 year and set ambitious targets for 2026 and beyond. She stressed that daily operations are unchanged and that the bank will continue constructive dialogue with Unicredit, despite the latter being a competitor that creates “unease”.

For a full integration, Orlopp noted that more than mere control is required: structural measures, qualified majorities, and the backing of management, the supervisory board, employee representatives and the German state as the second‑largest shareholder are essential. She added that without a control agreement, merger, or squeeze‑out, the bank must act independently.