The move escalates a tussle between Commerzbank and its largest shareholder, with less than two weeks left for UniCredit's offer to buy the stake in the German bank it doesn't already own.
Commerzbank AG (CRZBY) Q1 2026 Earnings Call Transcript
Commerzbank ETR: CBK opened 2026 with what CEO Bettina Orlopp called “a very good start to the year,” posting record quarterly profit and prompting the lender to raise its full-year guidance while outlining a more ambitious long-term plan under its “Momentum 2030” strategy.
The lender said it would raise its expectations for 2028, and set new targets in a plan for 2030, amid a takeover bid from UniCredit.
Commerzbank on Friday upgraded a series of financial targets after Italy's UniCredit this week formally made a lowball takeover bid for Germany's second-largest bank.
UniCredit CEO Andrea Orcel spoke to CNBC's Caroline Roth about Commerzbank strategy and focus on core markets in Germany and Poland. 🔗Read more: cnb.cx/4urCopB
UniCredit has turned its long pursuit of Commerzbank into a formal takeover fight. On Tuesday, the Italian lender said it had launched its €35 billion all-share offer for the German bank just one day after UniCredit shareholders approved the capital increase needed to back the deal.
UniCredit CEO Andrea Orcel told CNBC that he does not expect the lender to build a big enough stake in Commerzbank to gain full control. The Italian bank is making a takeover bid for German rival Commerzbank, despite pushback in Germany.
Italy's UniCredit on Tuesday posted a much higher than expected profit for the first quarter and improved its outlook for the year, as it kicked off a takeover offer for Commerzbank in defiance of strong German opposition to a merger.
Commerzbank is planning further job cuts as part of its updated strategy as Italy's UniCredit escalates its advances for a takeover, Handelsblatt reported on Friday, citing sources familiar with the matter.
Commerzbank CEO Bettina Orlopp on Wednesday maintained her opposition to a UniCredit takeover, telling employees in a video that management does "not see a convincing combination plan", according to a transcript seen by Reuters.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.