Commerzbank has appointed Carsten Schmitt as its new chief financial officer, a strategic move as the bank navigates potential merger discussions with UniCredit.

The supervisory board confirmed Schmitt's appointment in a meeting, with the transition planned to be completed by spring 2025. He will succeed Bettina Orlopp, who was promoted to chief executive officer in October.

Schmitt brings extensive banking experience, having previously worked at Commerzbank for over 20 years and most recently serving as executive vice president of group strategy and mergers and acquisitions at Danske Bank.

Jens Weidmann, chairman of the supervisory board, expressed confidence in the appointment. "We are very pleased to have won over Carsten Schmitt for this mission-critical role," he said. "He is an accomplished leader with decades of experience in the financial industry and a deep familiarity with Commerzbank."

The appointment comes at a critical time, with UniCredit having recently acquired a significant stake in Commerzbank and pursuing a potential merger. The German bank has been cautious about the proposed tie-up, with management, employees, and German Chancellor Olaf Scholz voicing opposition to a takeover.

Orlopp welcomed Schmitt's return to the bank, stating: "I am very much looking forward to working with Carsten again. He will enrich the management board with his extensive financial expertise and strategic foresight."

The new chief financial officer is expected to play a crucial role in the bank's strategic development, with Commerzbank planning to present an updated strategy in February 2025.

Schmitt's appointment is subject to regulatory approvals and comes as the bank seeks to strengthen its position in the competitive European banking landscape.

With approximately €400 billion in assets under management and a strong focus on the German Mittelstand, Commerzbank remains a significant player in the country’s financial sector, navigating complex merger discussions and strategic shifts.

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