Commerzbank chief executive Bettina Orlopp has confirmed that the German lender is holding direct talks with Italy’s UniCredit over a possible takeover, after months of resistance to a potential deal.
Speaking at the Handelsblatt banking summit in Frankfurt on Wednesday, Orlopp said the two banks were in contact and engaged in discussions that were in the interests of both sides. The priority now, she said, was to determine the right strategy while ensuring that the process did not result in “value destruction.”
Orlopp also cautioned against moving too quickly towards an integration of the two banks.
“We should make absolutely sure that we don’t mess this up now,” she said, warning that a poorly handled process could create opportunities for competitors.
Deutsche Bank chief executive Christian Sewing, who also spoke at the event, said his bank was preparing internally for further consolidation in the banking sector.
“If we don’t benefit from it, we’re doing something wrong,” Sewing said.
Orlopp also addressed her own position at Commerzbank, noting that her current contract runs until 2029. She said, however, that any cooperation would depend on a relationship of trust and agreement with the bank’s supervisory board on a joint strategy. If no such agreement could be reached, she suggested that consequences would have to follow.
She also stressed the importance of close coordination with the German government, which remains Commerzbank’s second-largest shareholder.
The German government recently dropped its opposition to a potential takeover of Commerzbank by UniCredit. Finance Minister Lars Klingbeil of the Social Democrats (SPD) is now expected to hold talks with UniCredit CEO Andrea Orcel, who was invited to Berlin for a meeting on September 14, 2026, according to Reuters, citing government sources. Orcel has accepted the invitation, a person close to him said.
ECB sees no immediate reason to block the deal
UniCredit, based in Milan, has secured access to as much as 49.65 percent of Commerzbank’s shares. The German government, which still holds just over 12 percent of the bank following its rescue during the global financial crisis, had long opposed a merger alongside Commerzbank’s management.
Orcel’s strategy had initially been described as aggressive and hostile. The UniCredit chief, however, continued to push for dialogue with both the German government and employee representatives.
Any takeover would require approval from the European Central Bank. Despite concerns over UniCredit’s approach, the ECB appears increasingly likely to approve a transaction.
According to a confidential document cited by Reuters, the ECB has made a preliminary assessment that there is currently “no reason to reject” the proposed takeover.
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