Commerzbank may abandon its iconic Frankfurt headquarters as it starts a cost-reduction effort.
Commerzbank Considers Leaving Frankfurt Headquarters Commerzbank is in discussions that may lead to its departure from its iconic Frankfurt headquarters as part of a cost-cutting strategy to sidestep a potential takeover by Italy’s UniCredit. The bank has initiated talks with Samsung SRA Asset Management, the owner of the building, regarding options that might include a […]
UniCredit CEO has low expectations for a BPM deal, mentions Commerzbank is too expensive.
Milan (Reuters) reported that there’s limited possibility for advancing the acquisition strategy, as COMERZBANK has become pricey, and Italy is effectively blocking Banco BPM’s takeover. Orcel, a seasoned investment banker, joined Unicredit in 2021 with plans to accelerate growth through mergers and acquisitions. Last year, Orcel’s maneuvers regarding Commerzbank and the smaller Pierbanco BPM contributed […]
Commerzbank says UniCredit's approach is hostile and unilateral – Yahoo Finance
FRANKFURT (Reuters) – Commerzbank on Wednesday defined UniCredit's approach to a potential partnership as “adversarial” and said UniCredit Chief Executive Andrea Orcel had discussed it. However, he said he had not discussed the matter with Italian banks in the past two years. UniCredit is awaiting approval from the European Central Bank for its 28% stake […]
UniCredit and Commerzbank square off with target hikes amid takeover battle – CNBC
The logo of the German bank Commerzbank seen on a branch near the Commerzbank Tower in Frankfurt. Daniel Roland | AFP | Getty Images Two months after UniCredit made its first move to woo German lenders Commerzbankfinancial institutions flaunted their financial strength as one of Europe's biggest banking mergers remains in the balance. Both banks […]
Germany turns up heat on UniCredit as Orcel urges talks over Commerzbank By Reuters – Investing.com
Valentina Za and Christian Kramer MILAN/BERLIN (Reuters) – Germany stepped up its opposition on Wednesday to UniCredit's raid on Italy's Commerzbank (ETR:) as the bank's biggest investors called for talks, which have been sought by the bank's Chief Executive Andrea Orsel. Two weeks after UniCredit shocked politicians and investors by buying a large stake in […]
Bettina Orlopp: The woman tasked with leading Commerzbank amid UniCredit takeover battle – CNBC
Commerzbank Chief Financial Officer Bettina Orlop speaks during a fourth-quarter earnings press conference at the bank's headquarters in Frankfurt, Germany, Thursday, February 13, 2020. Alex Krauss | Bloomberg | Getty Images Commerzbank said on Tuesday it had chosen its current chief financial officer, Bettina Orlop, a 10-year veteran, as its new chief executive officer in […]
Commerzbank board member warns of significant job losses with a hostile UniCredit takeover – CNBC
Frankfurt/M., Hesse, February 15, 2024: The “Comerzbank” lettering is visible on the Commerzbank Tower in the heart of the banking district. Buoyed by a recovery in interest rates, Commerzbank is aiming for further profit growth after a record year. Photo: Helmut Fricke/dpa (Photo by Helmut Fricke/picture alliance via Getty Images) Picture Alliance | Picture Alliance […]
Germany's Scholz slams UniCredit 'attack' on Commerzbank, stiffening opposition – Yahoo Finance
By Valentina Za, Tom Sims and Andreas Linke MILAN/FRANKFURT (Reuters) – German Chancellor Olaf Scholz has denounced UniCredit's move to take a 21 percent stake in rival Commerzbank to become its largest investor as an “unfriendly attack”, in a sign of growing hostility towards Italian banks. Anger from German authorities over UniCredit's use of derivatives […]
Andrea Orcel, Commerzbank and the redemption trade – Financial Times
Get your free copy of Editor's Digest FT editor Roula Khalaf picks her favourite stories in this weekly newsletter. It's been 17 years since the last major European cross-border banking deal, so it's only natural that the architects of that deal would lead the next one. In 2007, Andrea Orcel was a financial institutions banker […]
Commerzbank open to tie-up talks after UniCredit takes 9% stake – Financial Times
Get your free copy of Editor's Digest FT editor Roula Khalaf picks her favourite stories in this weekly newsletter. The bank is open to discussions about a possible tie-up with German rival UniCredit, after Italy's Commerzbank said it had taken a 9 percent stake in the bank and was taking regulatory steps to further increase […]