UniCredit wants Commerzbank CEO and chair to leave, sources say

COMMERZBANK AG

15/09/2026 14:38

Updates with context
UniCredit opposes Berlin keeping two Commerzbank supervisory board seats, sources say
Orlopp has said she felt no pressure to step down
Berlin demands Commerzbank stay listed and keep Frankfurt base in any takeover
By Tom Sims and Valentina Za
FRANKFURT/MILAN, Sept 15 (Reuters) - UniCredit CEO Andrea Orcel does not want Bettina Orlopp to remain as Commerzbank CEO and is opposed to Berlin keeping two supervisory board seats, three people with knowledge of the matter said, as he moves towards taking over the German bank.
UniCredit CRDI.MI also wants Commerzbank CBKG.DE Chairman Jens Weidmann to leave, two of the people said.
German Finance Minister Lars Klingbeil and Orcel met on Monday on the Italian bank's takeover plans, a turning point in the two-year battle for control of one of Germany's biggest banks after Berlin failed in its attempt to stymie a takeover. Both called the meeting "constructive." 
UniCredit did not immediately respond to a request for comment and Commerzbank declined to comment. Germany's finance ministry declined to comment further, after saying on Monday it wants to keep two Commerzbank board seats.
It was unclear if the leadership roles or UniCredit's opposition to the German government maintaining two board seats were discussed at Monday's meeting in Berlin.
Orlopp said last month she was not feeling pressure to give up her role after the months-long ownership battle over Germany's second-largest bank, which both the Commerzbank CEO and Weidmann have said should remain independent.
Germany won the right to appoint two board members when it rescued Commerzbank in 2009 during the global financial crisis.
In addition to the board seats, Berlin has set out a number of other demands relating to a UniCredit takeover, including Commerzbank remaining listed on the stock exchange, keeping its base in Frankfurt and continuing to finance German medium-sized companies at home and abroad.  

(Reporting by Tom Sims and Valentina Za; additional reporting by Maria Martinez; editing by Friederike Heine and Alexander Smith)
((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))