Commerzbank’s supervisory board has launched an investigation into whether the bank’s former CEO, Manfred Knof, breached his duties. The probe centres on an undisclosed meeting between Knof and UniCredit’s CEO, Andrea Orcel, which occurred in September 2024. A person familiar with the matter confirmed the investigation, which was initially reported by Handelsblatt. Commerzbank has declined to comment on the ongoing internal review. Commerzbank is a major German bank offering a range of financial services to individuals, and businesses. UniCredit is a pan-European commercial bank providing services in corporate and investment banking, commercial banking, and wealth management.
The crux of the matter is a meeting held on September 22, 2024, between Knof and Orcel. This meeting took place shortly after UniCredit began acquiring a significant stake in Commerzbank and pushing for a merger between the two entities. Commerzbank has been actively resisting these merger attempts, striving to maintain its independence. The fact that the meeting was not disclosed to Commerzbank’s Management Board and Supervisory Board has raised concerns.
Commerzbank issued a statement noting that its management and supervisory boards were unaware of the meeting. Knof responded with his own statement, claiming that he was scheduled to meet another banker and that Orcel joined the meeting unexpectedly. He added that Orcel’s presentation was unconvincing and that he still hopes Commerzbank will remain independent.
A spokesperson for UniCredit has declined to comment on the situation. The investigation is ongoing, and the outcome could have implications for both Commerzbank and its former CEO as the bank continues to navigate the possibility of a merger.
