BERLIN (dpa-AFX) - Commerzbank CEO Bettina Orlopp currently considers a takeover of her institution by the major Italian bank Unicredit to be unlikely. "A transaction is not an end in itself; it must make sense for shareholders, customers, and employees and create value. We do not see that at the current valuation level," Orlopp told Welt am Sonntag. The Italians could at best argue for potentially high synergies, but these are questionable "due to overlaps in business" and "high risks in implementation."

Orlopp believes that the major Italian bank could exit the deal in a way that saves face: "The investment in us has been very worthwhile due to the high price gains. And technically, Unicredit could leave just as gently as they came," said the manager. However, Commerzbank cannot end the current situation. "The ball is in Unicredit's court," said Orlopp.

Should an offer eventually be made, the Commerzbank board would of course consider it. "But if you want to walk through a door, you have to take the first step. Unicredit has not done that yet." The dialogue with the Italian bank and its CEO Andrea Orcel is within the scope of normal investor discussions: "Sometimes Mr. Orcel is present at these discussions, sometimes not," said Orlopp.

Unicredit became a major shareholder in Commerzbank in September 2024. It has since increased its stake further. According to the latest information, it holds around 26 percent of the shares and has access to a further three percent via financial instruments. Once its shareholding reaches 30 percent, it would have to make a takeover bid for all remaining shares.

According to Orlopp, Commerzbank remains on track with the implementation of its strategy. She said that the targets are realistic and are not jeopardized by the weak German economy. In some sectors, the bank is taking a more "cautious" approach to lending, for example to automotive suppliers, mechanical engineering companies, and chemical manufacturers. However, it is "continuing to take a conservative approach to risk provisioning." This also applies to private real estate loans. In this area, the bank sees "hardly any defaults due to the continuing low level of unemployment."/stw/jsl/jha/