By Tom Sims
FRANKFURT (Reuters) -Commerzbank’s supervisory board last year created a special committee to discuss UniCredit’s stake in Germany’s top lender and met five times in 2024, Commerzbank disclosed on Wednesday in its annual report.
The committee’s formation sheds new light on how the Italian bank’s surprise buildup of its holding in Commerzbank upended and dominated the German lender’s inner workings last year.
The report said the temporary committee’s purpose was to “advise and supervise” Commerzbank’s management board on UniCredit.
The supervisory board formed the committee to “follow this issue closely and efficiently”, consider UniCredit’s actions in detail and stay in contact with Commerzbank’s chief executive, board members, various departments and external advisers, the report disclosed.
The grouping was formed in September, the month that UniCredit revealed the buildup of its stake and expressed interest in a possible tie-up in what would be an ambitious attempt at cross-border banking consolidation in Europe.
From the outset, Commerzbank’s management have been skeptical of UniCredit’s advances and vowed to pursue a strategy of independence. UniCredit has recently said it may need to wait until 2027 to make a decision on what to do.
The German government remains Commerzbank’s largest shareholder, and the finance ministry and top politicians have voiced concerns about any takeover by UniCredit.
The committee is headed by Commerzbank’s supervisory board chairman Jens Weidmann and seven others, including employee and German government board representatives.
It “conducted a detailed examination of UniCredit’s stake in Commerzbank and its impact on the bank, and received reports on these matters from the board of managing directors and its internal and external advisers”, the report said.
The grouping also met to discuss Commerzbank’s communications strategy, market developments and the bank’s strategy update, the report said.
(Reporting by Tom SimsEditing by Madeline Chambers, Tomasz Janowski and Joe Bavier)
