UniCredit will not ask for a board seat at Commerzbank, according to its chief executive Andrea Orcel, despite potentially becoming the German bank’s largest shareholder with a 21 per cent stake.
Orcel said on Wednesday that “all scenarios are open” for its stake in Commerzbank, including a takeover, but for now UniCredit should be viewed as an investor.
“I usually do not believe in investors having board seats,” he said at a Bank of America conference on Wednesday. “And in this specific case, I think it’s inappropriate for us to have a board seat because we are also a competitor.”
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