(Bloomberg) -- Commerzbank AG’s new Chief Executive Officer Bettina Orlopp sought to rally the troops on her first day in office, pledging to advocate for a strategy built on the bank’s independence.
Commerzbank is “working tirelessly” with a team of experts to respond to Italy’s UniCredit, which has secured a 21% stake in the German peer and said a full takeover is an option, Orlopp said Tuesday in a video message to employees.
“I understand that the current uncertainty is troubling for many of you,” Orlopp said. “What I can promise you is this: Our strategy is effective and it offers significant value for all stakeholders. It’s built on the bank’s independence.”
Commerzbank last week raised profitability and payout targets as it seeks to persuade investors that it has a future as an independent lender. Orlopp on Friday laid out the plan to UniCredit’s top leadership including Chief Executive Andrea Orcel, in their first substantive meeting since the Italian lender took the stake, Bloomberg News has reported.
Orcel has indicated he wants to present proposals to Commerzbank on how to improve performance, pointing to his own lender’s higher profitability as proof that his ideas could be of benefit for the German firm.
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