Hesse calls for Commerzbank to remain in Frankfurt in the event of a planned UniCredit takeover

A takeover of Commerzbank is getting closer. Now there is also movement at the political level in the struggle for Germany's second largest private bank. It's about thousands of jobs and consequences for the financial center.

Boris Rhein (CDU), Prime Minister of Hesse, insists on Commerzbank remaining in Frankfurt. (Archive image) Photo: Michael Kappeler/dpa

Frankfurt/Main. Hesse's Prime Minister Boris Rhein (CDU) met Unicredit boss Andrea Orcel and presented him with a number of demands in view of the planned Commerzbank takeover. A spokesman for the major Italian bank, which has secured access to almost 50 percent of Commerzbank's shares, confirmed the exchange and spoke of "constructive discussions": "We have made it very clear in the last few weeks that we are looking for direct exchange with the government. We therefore very much appreciate the direct exchange with Prime Minister Rhein."

As the German Press Agency learned, the Hessian state government is demanding that the legal headquarters and board of directors of Commerzbank remain in Frankfurt and that the bank should exist as a stock corporation under German law. Important functions for banking business would have to remain in Frankfurt, and there should be no transfer of corporate customer business to Hypovereinsbank (HVB). Rhein also emphasized the importance of Commerzbank and its jobs for Frankfurt as a financial location.

Meeting before discussion between Klingbeil and Orcel

The takeover struggle for Commerzbank is seeing increasing movement at the political level. Federal Finance Minister Lars Klingbeil (SPD) has invited Orcel to a meeting in Berlin on September 14th. With its stake of a good twelve percent in Commerzbank - a result of the state's rescue of the institution during the financial crisis - the federal government has a say in the takeover struggle.

Orcel sees potential for billions in savings, including the reduction of thousands of jobs, in a takeover of Commerzbank. He also wants to curtail Commerzbank's foreign network. There are concerns about clear-cutting at Commerzbank. There are also fears in Frankfurt that Commerzbank could be merged with HVB in the future and that Munich would then also be considered as the headquarters.

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