Overview

• Carsten Schmitt, formerly of Danske Bank and a long-time Commerzbank veteran, will assume the CFO role by spring 2025.
• Schmitt's appointment allows CEO Bettina Orlopp to focus solely on leading the bank and countering UniCredit's acquisition efforts.
• UniCredit has been seeking a tie-up with Commerzbank after acquiring a significant stake in the German lender in September.
• Commerzbank plans to unveil a revised strategy in February 2025, with Schmitt expected to play a key role in its development.
• The proposed merger faces opposition from Commerzbank leadership, employees, and German Chancellor Olaf Scholz, while some investors support exploring the deal.