COMMERZBANK APPOINTS CFO ORLOPP AS CEO AS UNICREDIT BUILDS UP STAKE

Bettina Orlopp will take over as chief executive officer of Germany's Commerzbank in the near future, making her one of the country's highest-profile bankers during a tumultuous time for its No. 2 lender. The development announced late on Tuesday comes as the bank fends off advances from Italian Bank UniCredit, which has acquired a sizeable stake in Commerzbank and wants to explore a takeover.

UniCredit's swoop is the most ambitious yet at a pan-European bank merger, but it faces considerable political hurdles in Germany. The bank's management, employees and the nation's chancellor, Olaf Scholz have voiced opposition to a potential takeover. Commerzbank, with more than 25,000 business customers, almost a third of German foreign trade payments and more than 42,000 staff, is a linchpin of the German economy.

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