German government sources told Reuters that the finance ministry expects UniCredit chief Andrea Orcel to confirm a cooperative approach to acquiring Commerzbank in the coming weeks. The expectation follows a recent meeting between finance minister Lars Klingbeil and Orcel, after which officials believe a common basis has been reached.
According to the briefing, Orcel signaled that Commerzbank would remain a publicly listed corporation headquartered in Frankfurt and that its SME business would be expanded. The government also wants the bank to retain sufficient capital and to keep key strategic decisions in Germany, with a constructive dialogue with the works council.
The German side views these points as aligning with its core objectives: establishing a viable growth strategy for Commerzbank and resolving outstanding issues through negotiation. A UniCredit spokesperson welcomed the ongoing dialogue but declined to comment on specifics while talks continue.
Financial Times reporting indicates Orcel aims to assume control of Commerzbank within months. Once regulatory approvals are secured, UniCredit plans to call an extraordinary general meeting, potentially as early as January, to replace CEO Bettina Orlopp and restructure the supervisory board.
The government, which still holds roughly 13% of Commerzbank, said it will divest only after the bank is stabilised. UniCredit already owns about 50% of the lender. Berlin has previously criticised what it called an aggressive stance by UniCredit and warned that the takeover could trigger thousands of job cuts in Germany. Officials now stress that any restructuring should be socially responsible, with a goal of avoiding compulsory redundancies.
The discussions remain confidential, and the government expects any commitments from UniCredit to be documented in writing before proceeding further.
