Commercial Bank Assistant Vice President expresses apprehensions over potential shutdown of UniCredit deal branches
If Unicredit, a powerful Italian banking titan, were to seize control, Uwe Tschäge, a member of Commerzbank's supervisory board and chair of the works council, anticipates drastic reductions. Tschäge mentioned, "We're looking at a major decrease in physical branches." Regarding Unicredit's intentions to acquire Commerzbank, Tschäge expresses his disapproval, stating, "We're not keen on that."
Unicredit, Italy's second-largest bank, currently holds approximately 21% stake in Germany's second-largest publicly listed bank, Commerzbank. With this, the Italians would become the largest single shareholder in Frankfurt's institution, surpassing the German federal government, which still retains about 12%.
This scenario would potentially result in significant changes at Commerzbank. Tchäge's concerns about Unicredit's control might lead to a decrease in the number of physical branches.
