FRANKFURT (Reuters) -The former chief executive of Commerzbank, Manfred Knof, wants the German lender to remain independent as Italy’s UniCredit pushes for a tie-up, he told a German newspaper.
Knof was CEO of Commerzbank when UniCredit last year began to build up its large stake and press for talks, but he then made way for a successor, Bettina Orlopp, to take the helm as the bank pursued its standalone strategy.
“I’m keeping my fingers crossed for Commerzbank to remain independent. I put a lot of sweat and energy into restructuring the institution. What’s more, I still have ties to the bank as a shareholder,” Knof told Germany’s Handelsblatt in an interview published on Tuesday.
Under Knof, Commerzbank went through a major downsizing, and the Italian bank’s push for an ambitious tie-up has led to a another significant overhaul at Germany’s second-largest lender.
UniCredit now has a 26% equity stake in Commerzbank and holds another 3% through derivatives.
UniCredit CEO Andrea Orcel has argued the benefits of a merger and said last month that he hoped Commerzbank “would see the light over time”.
(Reporting by Tom SimsEditing by Madeline Chambers)
