UniCredit seeks Commerzbank CEO and chairman exits as takeover plans advance

  • UniCredit CEO Andrea Orcel seeks departures of Commerzbank executives Bettina Orlopp and Jens Weidmann.
  • Germany wants Commerzbank to retain two supervisory board seats under the takeover plans.
  • Finance Minister Lars Klingbeil and Orcel called their Monday meeting constructive.

UniCredit CEO Andrea Orcel wants Commerzbank CEO Bettina Orlopp and Chairman Jens Weidmann to leave as the Italian bank moves closer to taking over its German rival, people familiar with the matter told Reuters. UniCredit also opposes the German government’s demand to retain two supervisory board seats, while Germany is seeking guarantees that Commerzbank remains listed, headquartered in Frankfurt and committed to financing German medium-sized companies. Finance Minister Lars Klingbeil and Orcel described their Monday meeting on the takeover plans as constructive.

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