(Bloomberg) -- Commerzbank AG is close to tapping a new chief financial officer, a crucial appointment as the lender seeks to accelerate a strategic revamp and defend itself against a potential takeover by UniCredit SpA.
The German lender’s nomination committee is scheduled to meet Monday as it seeks to identify a final candidate, people with knowledge of the matter said. A meeting of the full supervisory board will likely make a formal decision on the next CFO later this month, they said, adding that the timeline could yet change.
Commerzbank has been vetting internal and external candidates, with Andreas Boeger, a finance executive a tier below the management board, being seen as a strong contender, the people said. Other potential nominees including external ones remain in the running, they said, asking not to be identified discussing the private deliberations.
A representative for Commerzbank declined to comment.
The new executive will help Chief Executive Officer Bettina Orlopp sharpen her strategy as she tries to convince shareholders they’re better off if Commerzbank doesn’t get bought by UniCredit. She has stepped up profitability and payout targets since the Italian lender unveiled a major stake in September. Improving capital allocation, which is traditionally a task for CFOs, will be a cornerstone of her plan, she has said.
She has promised to provide more details on her vision for Commerzbank as an independent lender at an investor event in February. The lender has also given itself time until that investor day to appoint a new CFO.
Ex-CFO Orlopp was promoted to chief executive officer in September after Manfred Knof resigned from the post earlier than previously planned to speed up the transition to a new leadership. The decision to elevate Orlopp came just a few days after UniCredit had unveiled the stake and said it’s considering an acquisition.
Any new CFO would likely be involved in talks with UniCredit and its chief executive officer, Andrea Orcel, who is determined to influence Commerzbank’s strategy whether a takeover happens or not. The new finance chief would also face the prospect of a change in ownership — and hence leadership — if UniCredit ends up making a successful takeover bid for the German bank.
The bank earlier this week raised its full-year outlook and applied for another share buyback after reporting solid third-quarter results. However, tailwinds from higher interest rates are fading and Commerzbank has started putting aside more money for souring loans.
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