Hessian Prime Minister calls for the Commerzbank headquarters to be retained in Frankfurt

The Hessian Prime Minister Boris Rhein (CDU) met UniCredit boss Andrea Orcel about the planned Commerzbank takeover. According to information from the dpa news agency, demands have been made to the major Italian bank, which has secured access to almost 50 percent of Commerzbank shares.

As the dpa 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 the 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.

A spokesman for the major Italian bank confirmed the exchange and spoke of constructive discussions. »We have made it very clear in the last few weeks that we are seeking direct dialogue with the government. We therefore greatly appreciate the direct exchange with Prime Minister Rhine.”

The federal government turns on

UniCredit, which joined Commerzbank around two years ago, has been advertising a takeover of the Frankfurt DAX group for a long time. The federal government, which saved Commerzbank from collapse during the financial crisis with billions in taxes, still holds a good 12 percent of Commerzbank, making it the second largest shareholder. The federal government therefore has an important role to play in a possible takeover.

The federal government also recently intervened in the takeover. Federal Finance Minister Lars Klingbeil (SPD) has invited Orcel to a meeting in Berlin on September 14th.

Commerzbank was able to increase profits

UniCredit boss 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 an option as the headquarters.