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UniCredit reports record profit and pushes Commerzbank governance overhaul

UniCredit posted a record profit and plans a faster merger of its German unit HVB. CEO Andrea Orcel also says he will soon overhaul how Commerzbank is governed.

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UniCredit, the Italian bank, has reported a record profit. It also plans to speed up the merger with its German unit, HVB.

Chief executive Andrea Orcel has pledged to change the way Commerzbank is governed soon. The move could open the way for an effort to remove Commerzbank CEO Bettina Orlopp. Governance means the rules and board structure that decide who runs a company.

UniCredit S.p.A.€84.48up +10.79%over 1 month
€84.48€71.6512 Oct10 Nov

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Orcel said the deal should have every needed sign-off from regulators before November ends. Separately, UniCredit is said to want a more active role at Commerzbank starting in January.

What comes next

Regulatory approvals for the Commerzbank deal are expected by the end of November, and UniCredit aims to step up its work there in January.

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Who is who

  • Andrea OrcelUniCredit chief executive
  • Bettina OrloppCommerzbank chief executive

Background

UniCredit is an Italian bank that owns HVB in Germany. Commerzbank is a large German bank led by Bettina Orlopp.

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