Report: UniCredit to oust Commerzbank CEO, board members in takeover

Italian lender UniCredit plans to replace Commerzbank chief executive Bettina Orlopp along with 10 supervisory board members after completing its takeover of the German banking rival, the Financial Times reported on Tuesday.

UniCredit chief executive Andrea Orcel plans to call an extraordinary general meeting as soon as it receives the remaining regulatory approvals needed to take over the German bank, which is expected by the end of February, the FT reported, citing unnamed sources familiar with the matter.

Under a "best-case scenario," UniCredit could take control of Commerzbank in January, according to the report, after the Italian bank had previously said it expects the takeover to be completed in the second quarter of 2027.

"UniCredit’s base-case scenario is to secure control of Commerzbank by the end of February and replace all 10 shareholder members on its 20-person supervisory board, giving the Milan-based group an effective majority," the paper reported.

Orcel also plans "to remove Commerzbank’s chief executive Bettina Orlopp and has pushed back against the German government’s demand that it retain its two seats on the supervisory board."

UniCredit has secured access to almost half of Commerzbank's shares through a combination of direct holdings and derivatives.

The German government, which still owns around 12% of Commerzbank and has repeatedly opposed UniCredit's takeover approach, is expected to play a key role. The stake is a legacy of the 2008-09 global financial crisis, when Berlin rescued the lender with billions of euros in taxpayer funds.

It was the government's partial sale of its holding in September 2024 that enabled UniCredit to establish its initial position in Commerzbank.

UniCredit has said a takeover would enable it to cut thousands of jobs and save billions in costs.

Orlopp has acknowledged that Commerzbank now effectively had "a controlling shareholder" and said she expected regulators to approve UniCredit's acquisition plans in the fourth quarter.