Commerzbank boss Knof reacted cautiously to UniCredit's takeover advances. He was “convinced of their own plan”. The UniCredit boss had previously actively promoted a merger.
Commerzbank CEO Manfred Knof has been cautious about a possible merger with the major Italian bank UniCredit. Commerzbank is strong and is committed to implementing its own 2027 strategy in order to become more profitable, Knof said today on the sidelines of an event at the ESMT university in Berlin. “That is our focus for now, and we will see everything else later.” He did not want to comment specifically on a possible merger.
However, there was contact with UniCredit, as Knof confirmed. “We are of course confident in our own plan.” But if someone else comes up with good ideas, they will be examined professionally – in the interests of customers, employees and investors.
“Significant added value for all stakeholders”?
Previously, UniCredit CEO Andrea Orcel had stepped up his courting of Commerzbank in an interview with Handelsblatt: “For the moment, we are just one shareholder. But a merger of the two banks could lead to considerable added value for all stakeholders and would create a much stronger competitor on the German banking market.” Europe and Germany also need stronger banks to finance growth and transformation.
It is not without reason that there has been speculation for thirty years about a merger between Commerzbank and the UniCredit brand in Germany, HypoVereinsbank. “There is very little overlap between the two institutions. It would therefore be possible to create a bank that complements each other well geographically and is very well balanced with private customer and corporate business,” Orcel emphasised.
Knof said he had taken note of the UniCredit boss's recent interview statements. “So the only thing I have is my own plan, which I am implementing.” Commerzbank now has a new shareholder, which it welcomes. “But I can only compare better proposals if they are available, and they are not available.”
UniCredit wants to be at least an “active shareholder”
UniCredit, which operates Germany's third-largest private bank, HypoVereinsbank, made the surprise announcement last week that it had acquired a nine percent stake in Germany's second-largest listed financial institution. Orcel had already advocated a merger, but had not ruled out a reduction in the stake. In the event of a merger, a banking giant could emerge with a market value of almost 74 billion euros.
Orcel told Handelsblatt that the management of both institutions had a duty to “do the best for their stakeholders – for their employees, their customers and their shareholders, as well as for Germany as a whole.” If this is not the starting point for the dialogue with Commerzbank, as hoped, “then we will be an active shareholder,” said the Italian. “We will work to accelerate the transformation in order to create significantly more value for all stakeholders.” That is good for Commerzbank and good for UniCredit as an investor.
The federal government, meanwhile, was also cautious about the takeover advances. The federal government is continuing to assess the new situation, said a spokeswoman for the finance ministry. Commerzbank may have to hold talks with shareholders. The federal government did not actively approach any individual investor in advance of the recent sale of Commerzbank shares on the market and did not know that UniCredit had already bought 4.5 percent of Commerzbank on the market shortly beforehand.
