UniCredit chief Andrea Orcel is pushing for the removal of Commerzbank's chief executive, Bettina Orlopp, according to three people familiar with the matter who spoke to Reuters. Orcel also wants Commerzbank's supervisory board chairman, Jens Weidmann, to step aside, the sources said.
The Italian bank opposes the German government's request to keep two seats on Commerzbank's supervisory board, a position tied to Berlin's approximately 13% stake in the lender. The sources said Orcel spoke against the government's demand during recent discussions.
Both UniCredit and Commerzbank declined to comment on the reports, and the German Federal Ministry of Finance also refused to elaborate. Earlier, after a meeting between Finance Minister Lars Klingbeil and Orcel, the government had indicated it would maintain its two supervisory board seats based on its shareholding.
