
Prime Minister Boris Rhein is calling for the Frankfurt headquarters and the Commerzbank brand to be retained after the planned takeover by Unicredit.
AI-generated summary
Unicredit is planning to take over Commerzbank and will soon control almost half of the shares. German politicians are trying to negotiate conditions for maintaining the bank structure.
Frankfurt. The federal state of Hesse is committed to ensuring that Frankfurt as a financial center plays an important role in the upcoming takeover of Commerzbank by Unicredit. Prime Minister Boris Rhein (CDU) therefore met Unicredit boss Andrea Orcel in Wiesbaden on Thursday - and, according to information from the Handelsblatt, made five demands.
Firstly, Commerzbank should remain a stock corporation under German law with an independent stock exchange listing.
Secondly, the legal headquarters and the headquarters of the board of directors of Commerzbank should remain permanently in Frankfurt.
Thirdly, this should also apply to all functions relevant to banking.
Fourthly, the name Commerzbank should remain as the main brand in the German market after the takeover and the planned merger with the German Unicredit subsidiary Hypovereinsbank (HVB).
Fifthly, there should be no transfer of corporate customer business to HVB or other Unicredit group units.
The Hessian State Chancellery did not comment on the meeting. Unicredit announced that the Milan-based institute had been seeking direct exchange with the government for some time.
“We therefore greatly appreciate the direct exchange with Prime Minister Rhine,” said a spokesman. “The discussions about how we can take the right path forward for the benefit of all our stakeholders and Germany were constructive.”
Rhein had long rejected a sale of Commerzbank, as had the federal government. However, Unicredit will soon control almost half of Commerzbank's shares, giving it a majority at the next general meeting.
German politicians therefore now want to make it clear in discussions with Orcel what is important to them for the future of Commerzbank. Federal Finance Minister Lars Klingbeil (SPD) invited him to Berlin on September 14th.
AI outlook — possibilities, not facts
Meeting between Unicredit boss Orcel and Federal Finance Minister Klingbeil on September 14th.
Very likely · Within days
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