Commerzbank CEO Bettina Orlopp expressed shock on Thursday over reports that her predecessor, Manfred Knof, met with UniCredit CEO Andrea Orcel in 2024 without informing the bank’s executive team. Orlopp, who was finance chief at the time, said she only learned about the meeting through news reports.

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Background of the Meeting

The meeting in question involved Manfred Knof and Andrea Orcel, leaders of two major European banks, Commerzbank and UniCredit respectively. Reports indicate that the meeting was conducted without formal disclosure to Commerzbank’s supervisory board or executive management.

Orlopp commented:

“I was incredibly surprised to learn about this meeting through the media.”

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Supervisory Board Investigation

Commerzbank’s supervisory board is currently investigating whether Knof violated his duties by failing to report the meeting with UniCredit’s CEO. This probe seeks to determine if the undisclosed meeting breached internal governance or fiduciary responsibilities.

Knof has reportedly said that Orcel “tagged along with a banker he was meeting without consulting me,” implying that the meeting may have been more informal than initially reported.

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Implications for Commerzbank Governance

The news raises questions about corporate governance and transparency at Commerzbank, particularly regarding how executive-level interactions with rival banks should be disclosed. Analysts note that such undisclosed meetings could have implications for merger talks, competitive strategy, and regulatory compliance.

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Outlook for Commerzbank

As the supervisory board conducts its investigation, CEO Orlopp and her team will likely reinforce internal controls and reporting procedures to prevent future undisclosed meetings. The outcome could affect executive accountability and set precedents for governance standards in Europe’s banking sector.