Commerzbank Investigates Ex-CEO Knof Meeting UniCredit CEO Amid Takeover Talks

Commerzbank's supervisory board is investigating whether former CEO Manfred Knof breached his duties by secretly meeting UniCredit CEO Andrea Orcel in September 2024 without informing the bank's management. This meeting occurred shortly after UniCredit began acquiring a significant stake in Commerzbank and pushed for a merger, which Commerzbank has been resisting to maintain its independence. Knof claims he did not consent to Orcel's attendance, describing the presentation as unconvincing and reiterating his hope for Commerzbank's continued autonomy. Both the bank's management and supervisory boards stated they were unaware of the meeting until recent reports surfaced. The investigation includes a legal review to determine if Knof's failure to disclose the meeting constitutes a breach of duty, potentially leading to liability claims if any damages occurred. UniCredit has declined to comment, and the matter continues to unfold amid concerns over governance and transparency.