Commerzbank on Thursday named Carsten Schmitt as its new chief financial officer, a crucial role at Germany's No. 2 lender as it seeks to fend off an approach by Italy's UniCredit for a tie-up.
The CEOs of Germany's Commerzbank and UniCredit had an extensive talk for the second time since Italy's No. 2 bank disclosed in September that it had snapped up a significant stake, the Handelsblatt newspaper reported on Friday, citing several people familiar with the matter.
Commerzbank is weighing the acquisition of a mid-sized German bank as part of its strategy to fend off a possible takeover by Italy's UniCredit , three people with knowledge of the matter told Reuters.
UniCredit and Commerzbank flaunted their financial strength as the fate of one of Europe's largest banking mergers hangs in balance. Both banks raised their outlooks guidance on Wednesday, as they reported third-quarter results.
Commerzbank CEO Bettina Orlopp discusses the German bank's third-quarter earnings, UniCredit's bid to take over Commerzbank and the broader German economy.
UniCredit and Commerzbank flaunted their financial strength as the fate of one of Europe's largest banking mergers still hangs in balance. Both banks raised their outlooks guidance on Wednesday, as they reported third-quarter results.
UniCredit CEO Andrea Orcel said on Wednesday banks need to be more efficient and profitable and expressed confidence that "people will look at the facts" when weighing up a potential deal with Commerzbank.
Commerzbank raised its full-year outlook after net profit came in ahead of analysts' expectations.
Germany's Commerzbank , fending off a possible takeover by Italy's UniCredit, said on Wednesday that net profit fell 6.2% in the third quarter, figures that were better than analysts expected but were dragged down by a decline in interest income and a rise in risk provisions.
Germany's Commerzbank said on Monday that it had received regulatory approval to buy back up to 600 million euros ($655 million) in shares.
Commerzbank's management and supervisory board is responsible for deciding the lender's next steps after Italian rival Unicredit became its largest private shareholder, German Finance Minister Christian Lindner said on Wednesday.
Commerzbank's Polish unit is expected to post a third quarter net profit of 476 million zlotys ($118.7 million) due to lower costs of legal risk related to foreign currency loans and higher net interest income, a Reuters poll showed on Wednesday.