Published by Global Banking & Finance Review®
Posted on October 27, 2025
2 min readLast updated: January 21, 2026
Add as preferred source on GoogleCommerzbank investigates ex-CEO Knof's secret meeting with UniCredit's CEO, raising concerns over potential merger discussions.
FRANKFURT (Reuters) -Commerzbank's supervisory board is investigating whether former CEO Manfred Knof violated his duties by meeting suitor UniCredit's CEO in September 2024 and not reporting it, a person with knowledge of the matter said on Monday.
Commerzbank declined to comment on the internal review, which was first reported by Handelsblatt.
At issue is a meeting between Knof and UniCredit's Andrea Orcel on September 22, 2024, that was kept secret until recently reported by several German news outlets.
That meeting occurred just days after UniCredit began building up a large stake in Commerzbank and pressed for a merger. Commerzbank has been fighting to remain independent.
"The Management Board and Supervisory Board of Commerzbank were not aware of such a meeting," Commerzbank said in a statement.
Knof said in a statement that he was scheduled to meet a banker and Orcel tagged along "without consulting me".
"His presentation was of no value whatsoever, and he failed to present any convincing arguments ... I still hope that Commerzbank will remain independent," Knof said.
A spokesperson for UniCredit declined to comment.
(Reporting by Tom Sims and Alexander Huebner. Editing by Sabine Wollrab and Mark Potter)
Corporate governance refers to the systems, principles, and processes by which companies are directed and controlled. It encompasses the relationships among the stakeholders involved and the goals for which the corporation is governed.
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An investigation in a corporate context refers to a formal inquiry into the actions of individuals or practices within a company, often to ensure compliance with laws and regulations or to address allegations of misconduct.
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