UniCredit CEO Andrea Orcel is preparing to take control of Commerzbank and overhaul its supervisory board as early as January, the Financial Times reported, citing people familiar with the matter. The Italian lender plans to call an extraordinary general meeting after receiving the remaining regulatory approvals required for control of Germany’s second-largest bank. UniCredit expects to secure control by the end of February and replace all 10 shareholder representatives on Commerzbank’s 20-member supervisory board, giving it an effective majority. Reuters could not immediately verify the report, and neither lender immediately responded to requests for comment. UniCredit has spent two years seeking control amid resistance from the German government. Berlin softened its position after UniCredit built a stake of nearly 50%, but continues to insist that Commerzbank remain listed, retain its Frankfurt headquarters and continue financing German medium-sized companies domestically and internationally. Germany retains a 13.3% stake and the right to appoint two board members, rights gained after rescuing Commerzbank during the 2009 global financial crisis. Reuters previously reported that Orcel also wants sweeping changes, including the departures of CEO Bettina Orlopp and Chairman Jens Weidmann.