UniCredit Seeks Departure of Commerzbank's CEO and Chair, Sources Indicate

FRANKFURT/MILAN, Sept 15 (Reuters) - UniCredit CEO Andrea Orcel is reportedly advocating for the resignation of Bettina Orlopp as Commerzbank CEO and opposes Berlin's retention of two supervisory board positions, according to three sources familiar with the situation. Orcel also aims for the exit of Commerzbank Chairman Jens Weidmann. This development follows a recent meeting between German Finance Minister Lars Klingbeil and Orcel, deemed 'constructive' as they discussed UniCredit's intent to acquire Commerzbank, amidst a prolonged two-year struggle for control of one of Germany's key financial institutions. Despite these tensions, a Commerzbank spokesperson dismissed the notion of leadership changes, emphasizing the current management's stability and alignment on strategy. The German finance ministry has reiterated its desire to maintain its board representation, and it remains uncertain whether leadership discussions were part of the recent talks. Bettina Orlopp previously remarked that she felt no pressure to resign during the ongoing ownership dispute, asserting that both she and Weidmann believe in Commerzbank's independence. UniCredit is poised to organize an extraordinary shareholder meeting to facilitate the introduction of new representatives on Commerzbank’s board. Following its 2009 bailout of Commerzbank, the German government holds a 13.3% stake and retains the right to appoint two of its board members. UniCredit's takeover plans also face conditions from Germany, including maintaining Commerzbank’s public listing, its headquarters in Frankfurt, and support for local medium-sized enterprises. After significant resistance, both German officials and Commerzbank leadership have shown increased receptiveness to the acquisition, especially as UniCredit's ownership stake approaches 50%. A merger would yield a bank with assets exceeding €1.3 trillion, expanding its influence across two major euro zone economies.