Commerzbank Sets Up New Wealth Management Unit in Fee Push

Commerzbank AG Chief Executive Officer Bettina Orlopp is revamping how the lender caters to the rich in a push to boost fee income as she seeks to fend off a potential takeover by UniCredit SpA.

Individual clients in Germany whose business with Commerzbank exceeds €2 million ($2.1 million) will be serviced through a new unit called Wealth Management, to be headed by Christian Hassel, according to an internal presentation seen by Bloomberg and people familiar with the matter. Other clients will be part of a domestic retail unit overseen by Mario Peric, the people said, with both reporting into management board member Thomas Schaufler.