Bettina Orlopp and the Unicredit takeover

When Bettina Orlopp took up her position as CEO of Commerzbank two years ago, the omens were extremely bad. At that time it had recently become known that the Italian bank Unicredit had joined Commerzbank and was seeking a takeover.

It was already foreseeable in 2024: it would be difficult for Orlopp to really prevent the two institutes from merging in the long term. She made the best of it. Orlopp has reduced costs and taken the bank well ahead with new, ambitious return targets. Even if Unicredit likes to claim otherwise, the significantly increased share price is not only due to the prospect of a takeover premium. But also real efforts by Commerzbank. The shareholders owe Orlopp a debt of gratitude for this.

However, it would be a mistake to conclude from this that the Commerzbank boss would definitely be the right woman to explore the details of the takeover with Unicredit boss Andrea Orcel. The Italian doesn't make any friends in this country with his impetuous nature. But the idea that Orcel could find a good solution in negotiations with his opponent Orlopp is unworldly. It's only logical that the Italians are already working in the background on Orlopp's replacement, as has now been announced.

Anyone who accuses Orcel of bad style is missing the point: people who have worked against each other for a long time do not suddenly become pragmatists. They tend to hinder each other. This is precisely what Commerzbank can least afford at the moment. The quicker the relationships between the management team are clarified, the quicker the newly created bank can concentrate on its actual business again. This would also be in the interests of the shareholders.