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Finance

Commerzbank CEO surprised by meeting of her ex-boss with UniCredit CEO

Published by Global Banking & Finance Review

Posted on November 6, 2025

1 min read

· Last updated: January 21, 2026

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Commerzbank CEO surprised by meeting of her ex-boss with UniCredit CEO

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FRANKFURT (Reuters) -Commerzbank's CEO Bettina Orlopp said on Thursday that she was "incredibly surprised" by news of a 2024 meeting between then-CEO Manfred Knof and his counterpart at UniCredit,

Commerzbank's CEO Reacts to Surprise Meeting of Former Boss with UniCredit

Surprise Meeting Sparks Investigation

FRANKFURT (Reuters) -Commerzbank's CEO Bettina Orlopp said on Thursday that she was "incredibly surprised" by news of a 2024 meeting between then-CEO Manfred Knof and his counterpart at UniCredit, Andrea Orcel.

Details of the Meeting

Speaking to journalists, Orlopp, who was finance chief at that time, said that she had learned about the meeting through the news media.

Reactions from Commerzbank Leadership

Reuters and other news organizations reported last month that Commerzbank's supervisory board is investigating whether Knof violated his duties by secretly meeting UniCredit's CEO and not reporting it.

Implications for Corporate Governance

Knof has said that Orcel tagged along with a banker he was meeting "without consulting me".

(Reporting by Tom Sims and Alexander Huebner)

Key Takeaways

Commerzbank CEO Bettina Orlopp was surprised by a 2024 meeting.
The meeting involved her former boss Manfred Knof and UniCredit CEO.
Commerzbank's board is investigating potential duty violations.
Knof claims Orcel joined without prior consultation.
The incident raises questions about corporate governance.

Frequently Asked Questions

What is corporate governance?

Corporate governance refers to the systems, principles, and processes by which a company is directed and controlled, ensuring accountability and transparency in its operations.

What is an investigation in a corporate context?

An investigation in a corporate context involves examining potential misconduct or violations of policies by employees or executives, often conducted by internal or external parties.

What is a supervisory board?

A supervisory board is a group of individuals elected to oversee the activities of a company, ensuring that the management acts in the best interests of shareholders and stakeholders.

What is a meeting in a corporate setting?

A meeting in a corporate setting is a gathering of individuals to discuss and make decisions on various business matters, typically involving management, employees, or stakeholders.

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Commerzbank CEO surprised by meeting of her ex-boss with UniCredit CEO

Commerzbank's CEO Reacts to Surprise Meeting of Former Boss with UniCredit