Andrea Orcel, current CEO of Unicredit and former head of UBS’s investment banking division, has caused a stir in the German financial market with her surprise interest in Commerzbank.

Now, for the first time, Bettina Orlopp has publicly addressed the possibility of a takeover by Unicredit in an interview with «Handelsblatt» (article behind paywall). She warned against a merger: «Our rating would deteriorate, probably significantly,» she stated.

According to Orlopp, a lower credit rating would have severe consequences: «We would lose clients who have specific rating requirements and only do business with banks that have top credit ratings.» Commerzbank is currently rated «A-» by S&P, while Unicredit's rating is three notches lower at «BBB.»

Orcel Doesn't Rule Out a Takeover

Orlopp also warned about the complexities of integrating two large banks. Commerzbank had spent years after its acquisition of Dresdner Bank in 2008 trying to integrate both systems: «We can’t afford such stagnation in today’s world, which is characterized by rapid technological change and intense competition,» she emphasized.

Unicredit acquired a 9 percent stake in Commerzbank in September and, through financial instruments, now controls 21 percent of the shares. Orcel is reportedly keen on acquiring Commerzbank in full.

However, Orlopp noted that at the first meeting between senior management from Commerzbank and its new major shareholder Unicredit at the end of September, a merger was not on the agenda. «It was a typical investor discussion. Unicredit is now a larger shareholder, and professional dialogue about Commerzbank's business development is part of that,» she said.