The CEO of Commerzbank, which has recently faced the threat of a takeover by Italy's UniCredit, says the bank's rising share price in recent months is a direct result of her team's strategic direction.
Efforts to undermine the bank's share price and strategic approach have been firmly rejected by Commerzbank, CEO Bettina Orlopp emphasized on Thursday at a financial conference. She once again highlighted the advantages of Commerzbank remaining independent. UniCredit CEO Andrea Orcel has repeatedly stated his dissatisfaction with Commerzbank's performance. Orlopp reaffirmed the bank's targets for the current year, adding, "We are very pleased with the second quarter so far."
Last year, UniCredit acquired a 28 percent stake in Commerzbank. The Italian group aims to merge Germany's second-largest listed bank with its own Munich-based subsidiary, HypoVereinsbank (HVB), but faces resistance from both Commerzbank itself and the German federal government.
(Reporting by Tom Sims and Matthias Inverardi, editing by Philipp Krach. For further inquiries, please contact our newsroom at berlin.newsroom@thomsonreuters.com (for politics and economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).
