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Commerzbank CEO Bettina Orlopp emphasized the bank's focus on maintaining independence amid discussions with Unicredit, its second-largest shareholder. Unicredit currently holds 9.5% of Commerzbank, with options for an additional 18.5%, pending regulatory approval. Orlopp highlighted plans for growth in asset management and technology, buoyed by a positive start to the year and supportive financial measures.
Commerzbank CEO Bettina Orlopp confirmed that there have been no discussions with UniCredit since the European Central Bank approved UniCredit's potential stake of up to 29.9% in Commerzbank. Orlopp emphasized her focus on Commerzbank's standalone strategy, noting that previous interactions were limited to an investor meeting in February.
Commerzbank's CEO Bettina Orlopp confirmed that there have been no discussions with UniCredit since the European Central Bank approved UniCredit's potential stake of up to 29.9%. Orlopp emphasized her focus on Commerzbank's standalone strategy, while UniCredit may take until 2027 to decide on a full takeover.
Commerzbank's CEO, Bettina Orlopp, confirmed that there have been no discussions with UniCredit following the recent approval from the European Central Bank for UniCredit to acquire a stake of just under 30%. The last interaction between the banks occurred during an investor meeting after Commerzbank's capital markets day in February.
The European Central Bank is set to approve UniCredit's plan to increase its stake in Commerzbank to 29.9%, despite initial backlash from the German government. Meanwhile, Switzerland may delay new capital rules for UBS until 2028, shifting decision-making to parliament. In the US, Wells Fargo has rolled back its diversity hiring policy amid political pressure, joining other banks like Citigroup and Bank of America in scaling back DEI initiatives. The UK's Serious Fraud Office has abandoned plans to relocate to Canary Wharf, opting to enhance its operational systems instead.
Commerzbank reported a 20% increase in net profit for 2024, reaching 2.68 billion euros, surpassing analyst expectations. The bank announced a share buyback of 400 million euros and raised its dividend to 65 cents per share. Amid interest from UniCredit for a potential tie-up, Commerzbank emphasized its commitment to independence and competitiveness.
Commerzbank reported a 20% increase in annual profit, reaching 2.68 billion euros, and announced a new share buyback of 400 million euros while raising its dividend payout to 0.65 euros per share. The results come amid speculation of a potential takeover by UniCredit, which has increased its stake in Commerzbank to 9.5%. CEO Bettina Orlopp emphasized the bank's commitment to enhancing capital returns through profitability and growth initiatives.
Germany's Commerzbank has requested a formal written proposal from Italian bank UniCredit regarding a potential takeover, emphasizing its willingness to engage in discussions for the benefit of stakeholders. Commerzbank's CEO Bettina Orlopp previously declined an invitation from UniCredit's Andrea Orcel to discuss merger plans, which included sensitive topics like job cuts and headquarters location. The German bank's management and labor representatives are currently opposed to any acquisition offer.
Commerzbank has stated it will not engage in formal discussions with UniCredit until a specific proposal is presented. The German bank described UniCredit's interest in a merger as "hostile" and noted that there have been no discussions in the past two years, despite UniCredit's claims. Meanwhile, UniCredit is awaiting ECB approval for its 28% stake in Commerzbank, which has drawn criticism from the German government.
Commerzbank has stated it will not enter formal discussions with UniCredit until a specific merger proposal is received. Despite UniCredit's interest, Commerzbank's CEO declined informal talks, emphasizing that only a detailed proposal could initiate potential negotiations.
Bettina Orlopp
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