Finance
Commerzbank Provisions Complicate CEO Orlopp’s UniCredit Defense
- Lender raises guidance for commissions, lending income
- CEO Orlopp is trying to fend off an approach by UniCredit
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Commerzbank AG set aside more money for souring loans and slightly lowered a guidance for lending income next year, complicating efforts to fend off an unsolicited approach by rival UniCredit SpA.
Credit loss provisions at the Frankfurt-based lender almost tripled from a year earlier, taking the shine off better-than-expected profit in the third quarter and plans for a new share buyback tranche.