UniCredit wants Commerzbank CEO and chair to leave, sources say

Commerzbank in Bremen, Germany, in 2023. File photo.

FRANKFURT/MILAN — September 15, 2026

UniCredit CEO Andrea Orcel wants Commerzbank CEO Bettina Orlopp and Chairman Jens Weidmann to leave their positions as the Italian bank moves closer to taking control of Germany's second-largest bank, according to people familiar with the matter.

UniCredit also opposes Germany's plans to retain two seats on Commerzbank's supervisory board, three people said. The Italian bank has built a stake of nearly 50% in Commerzbank after a two-year struggle over ownership.

Orcel and German Finance Minister Lars Klingbeil met in Berlin on Monday to discuss UniCredit's plans. Both described the meeting as constructive, although it was not clear whether the leadership positions or Germany's board representation were discussed.

Commerzbank rejected the suggestion that management changes were under consideration. A spokesperson said the bank's board members have existing contracts, while its supervisory board is elected by shareholders, and said there was full agreement on the bank's strategy.

The German finance ministry also declined to comment on the reported demands. Klingbeil said Germany remains represented on Commerzbank's supervisory board and expects its representation to continue.

Germany obtained the right to appoint two members to the supervisory board after the government rescued Commerzbank during the 2009 global financial crisis. Berlin still owns a 13.3% stake, making its continued board representation a key issue in any potential takeover.

Orlopp said last month that she did not feel pressure to leave her position following the long ownership dispute. She and Weidmann have both argued that Commerzbank should remain independent.

Orcel has repeatedly said he wants to work with Commerzbank employees, local authorities and the German government. He has also said UniCredit could call an extraordinary shareholders' meeting and seek to appoint new shareholder representatives.

Berlin has outlined several conditions for any possible takeover. They include keeping Commerzbank listed on the stock exchange, maintaining its headquarters in Frankfurt and continuing to provide financing to German medium-sized companies.

The German government and Commerzbank management have gradually softened their opposition to a potential deal after UniCredit increased its holding to almost half of Commerzbank. German officials are now also seeking protections for jobs and the bank's identity.

Commerzbank plays an important role in financing medium-sized businesses in Germany, Europe's largest economy. The ownership dispute has also unfolded as the German government faces broader political pressures.

A combination of UniCredit and Commerzbank would create a banking group with more than 1.3 trillion euros in assets and operations spanning two of the euro zone's largest economies.

The final structure of any takeover remains unsettled, including the future of Commerzbank's management and the German government's role on its supervisory board.