Commerzbank's Secret Meeting Controversy

Commerzbank's board is probing former CEO Manfred Knof over a secret September 2024 meeting with UniCredit's CEO, Andrea Orcel. The meeting, revealed by German media, raised concerns as UniCredit had started acquiring Commerzbank shares, hinting at a merger. Commerzbank aims to stay independent.

Devdiscourse News Desk | Updated: 27-10-2025 20:52 IST | Created: 27-10-2025 20:52 IST

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Commerzbank's supervisory board has launched an investigation into whether former CEO Manfred Knof breached his obligations by meeting with UniCredit's CEO Andrea Orcel in a clandestine discussion. This September 2024 event, reported only recently, fueled speculation around a possible merger.

The meeting on September 22, 2024, took place shortly after UniCredit began purchasing significant shares in Commerzbank, sparking rumors of a merger. Commerzbank, determined to maintain its independence, was unaware of this clandestine discussion, according to official statements.

Knof claims the meeting occurred without his consent, as Orcel joined unexpectedly. He described the UniCredit CEO's presentation as uninspiring, reiterating his desire for Commerzbank's continued independence. UniCredit has declined to comment on the matter.