The new head of Commerzbank, Bettina Orlopp, who is being courted by Italian competitor Unicredit, swore the employees to a strategy of independence when she took office.

Commerzbank's strategy is "based on the independence of the bank", Orlopp said in a video message to the Commerzbank workforce on Tuesday. "The entire Board of Managing Directors team and I are convinced of this strategy and we will do everything in our power to support this strategy and the further development of our bank." Unicredit CEO Andrea Orcel, on the other hand, said that he sees an advantage for Europe in large and strong banks. A fragmented banking market is an obstacle to further growth.

Orlopp also explicitly addressed Unicredit in her message when she took office. The Italians had joined Commerzbank and possibly wanted more. "We did not choose this," she said. "We are working at full speed with a strong team of experts on the question of how we will deal with Unicredit today and in the future." She knows that the current uncertainty about the future is weighing on many employees.

Italy's second largest bank, Unicredit, has secured access to up to 21 percent of the shares in Commerzbank through financial derivatives. It has also applied to increase its Commerzbank stake to up to 29.9 percent of the shares. If it exceeds this threshold further, a takeover bid will be due. The German government still holds a twelve percent stake in the Frankfurt-based bank and has put further sales from the package acquired during the financial crisis on hold. Commerzbank, its employees, the trade union Verdi and the federal government are skeptical about a takeover by the Italians.

At an economic conference in Italy, however, Orcel campaigned for cross-border financial institutions in the European Union. By growing in key European markets, the bank would help to create more integrated financial markets in Europe, he said. "It's not just about growth and a bigger footprint, it's about creating value for the whole of Europe."

Orlopp succeeded Manfred Knof at the helm of Commerzbank, who left the bank early. Commerzbank, which has over 42,000 employees, hopes that Orlopp will give it more clout in the struggle for the future of Germany's second-largest listed bank. It will now have to deal with Orcel.

(Report by Tom Sims, Matthias Inverardi and Valentina Za, edited by Myria Mildenberger. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)