UniCredit - the position of Commerzbank

On 16 March 2026, UniCredit announced its intention to make an unsolicited public takeover bid to the shareholders of Commerzbank for the acquisition of all Commerzbank shares. Commerzbank has taken note of this announcement.

The Board of Managing Directors and the Supervisory Board of Commerzbank will carefully examine the announced voluntary takeover bid, following its publication by UniCredit, in the best interest of Commerzbank, its shareholders, employees and customers.

However, the success of our strategy and the broad support from our stakeholders encourage us to continue to consistently implement our growth strategy. In doing so, we create value for our shareholders, employees, customers and other stakeholders.

"We firmly believe in the strength and potential of our strategy, which is based on independence and profitable growth. This move has not been coordinated with us. The exchange ratio expected in the announcement does in fact not include a premium for our shareholders."

Bettina Orlopp

Chief Executive Officer of Commerzbank

Bettina Orlopp in a TV Interview with Bloomberg

In an interview with Bloomberg on 17 March 2026, CEO Bettina Orlopp clearly outlines Commerzbank's position on UniCredit's announced unsolicited takeover offer.

Bettina Orlopp talking with Anna Edwards from Bloomberg

Quotes from Politics and Business

"The federal government supports Commerzbank's strategy of independence. A hostile takeover would be unacceptable, particularly given that Commerzbank is a systemically relevant bank."

The German Federal Ministry of Finance

"HVB and Commerzbank effectively operate in the same market segment. A merger would result in a significant reduction of the combined loan portfolio of both banks. This gap could only be filled, if at all, with considerably higher lending rates. And there is a risk, especially in times of crisis, that foreign banks, which would otherwise step in, may swiftly pull back from the market."

Michael C. Wisser

Chairman of the Board of Management of the family-owned WISAG Group

"The biggest challenge and greatest value destroyer in bank mergers is IT integration. There are numerous examples in the market underscoring this issue. Commerzbank spent 10 years integrating the IT systems of Dresdner Bank in a protracted and highly complex process. Should HVB and Commerzbank now be forced onto a single platform, it would undermine both banks and the German Mittelstand."

Dirk Martin

CEO Serviceware SE and Member of the Federal Board of Familienunternehmer e. V.

"The German Mittelstand expects competent local advisory services and timely credit decisions within Germany. An independent Commerzbank ensures this nationwide today. This is something that should not be jeopardized, particularly in times of crisis."

Christian Manthey

CEO of PottHandwerker.de Group

"Commerzbank understands our business as a family-owned company and has always been a strong supporter of the German Mittelstand. Commerzbank has been an integral part of our core banking circle for 30 years. And that’s how it should remain."

Martin Herrenknecht

CEO Herrenknecht AG

"Europe needs strong banks – but Mittelstand needs reliable credit lines and fast decisions. Consolidation is only progress if it measurably improves credit availability and client service – this is precisely the crucial point."