Finance
UniCredit Aims to Shape Commerzbank Strategy Without Board Seat
- Italian bank head says he can influence Commerzbank strategy
- Deutsche Bank rules out intervening in struggle for competitor
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UniCredit SpA Chief Executive Officer Andrea Orcel said he won’t seek a supervisory board seat at Commerzbank AG even though he wants to make sure the German lender becomes more profitable.
“I usually do not believe in investors having board seats,” Orcel said at a conference hosted by Bank of America Corp on Wednesday, referring to UniCredit’s stake in Commerzbank. “I think it’s inappropriate for us to have a board seat because we’re also a competitor.”