.15 February 2024, Hesse, Frankfurt/M.: The lettering "Commerzbank" can be viewed on the Commerzbank Tower in the facility of the financial city. Boosted due to the turn-around in interest rates, Commerzbank is trying for one more profit increase after a document year. Picture: Helmut Fricke/dpa (Picture through Helmut Fricke/picture collaboration using Getty Images) Picture Alliance|Photo Partnership|Getty ImagesTwo-thirds of the tasks at Commerzbank can go away if UniCredit properly carries out an aggressive requisition of the German lending institution, a Commerzbank ministerial board participant advised on Tuesday.Stefan Wittmann, that is actually likewise a senior official at German field association Verdi, informed CNBC's Annette Weisbach that "we definitely wish our team can prevent" a hostile takeover due to the Italian financial institution. Witmann claimed Commerzbank's panel had called on the German government to perform an internal testimonial of the feasible takeover, which he really hopes will offer the financial institution a six-month period to analyze the situation." However if it [a dangerous takeover] is unavoidable, our team presume that two-thirds of jobs are going to vanish, that there will be one more significant break in the branches," he claimed, according to an interpretation." We will definitely view especially that UniCredit carries out not yearn for all Commerzbank clients in all, however that it focuses on the purportedly absolute best clients, such as the rich customers," he added.Berlin, which was actually the most extensive shareholder of Commerzbank after it injected 18.2 billion euros ($ 20.2 billion) to save the lender in the course of the 2008 economic situation, is actually likely to play a vital task in any sort of prospective merger between the banking companies." Our experts are in fact worried about our economical as well as commercial obligation. As far as the workforce is actually involved, which trade unions are of course particularly concentrated on, they would always lose out in the merging, regardless of the point in time," Wittmann mentioned. The financial institution possesses yet to respond to a request for comment on Wittmann's statements.UniCreditu00c2 declared Monday it hadu00c2 increased its risk in the German lenderu00c2 to around 21% as well as sent a demand to enhance that pursuing as much as 29.9%, indicating a requisition proposal might be in the memory cards. Previously this month, the Italian banku00c2 took a 9% stakeu00c2 in Commerzbank, confirming that half of the shareholding was obtained from the German government.UniCredit believes significant value could be opened within Commerzbank, Germany's second-largest lender, yet it mentioned that further action is actually demanded for that value to become "crystalized." German Chancellor Olaf Scholz criticized UniCredit's carry on Monday, pointing out, "hostile assaults, hostile takeovers are actually certainly not a good idea for banks and also is actually why the German government has accurately positioned on its own in this direction," Reuters disclosed.' Really tense'Commerzbank's jurisdictional panel results from meet today to cover UniCredit's concern, people familiar with the issue that inquired to stay anonymous previously told CNBC.Wittmann mentioned the state of mind is currently "quite strained" within the provider, including that the bank was surprised through UniCredit's news on Monday, which he referred to as a "180 degree-turn within 48 hours."" [UniCredit Chief Executive Officer Andrea Orcel] last talked on Friday that he really wanted a helpful requisition in deal with all stakeholders and politicians. And yesterday our experts were actually shocked by his dangerous takeover try. That does not add up," Wittmann said.The regulatory board member explained that both main causes to pertain to a prospective merging in an essential light are actually the absence of a banking union in Europe, and also the reality that UniCredit has actually "absorbed itself along with Italian federal government connections over the last few years." He questioned what might happen ought to geopolitical stress or even "disruptions" effect UniCredit's supply of principal city to fund Commerzbank's industry.In feedback to the 2008 economic situation, the European Commission revealed plans to make a banking union to enhance the policy and direction of financial institutions all over the region.Commerzbank panel member warns of significant job reductions along with an unfavorable UniCredit requisition Business analyst and also former International Central Bank Governor Mario Draghi flagged in a recent file that banks in Europe face regulative hurdles which "constrict their capacity to provide," additionally pointing out the "incomplete" financial union as one variable that impacts competitiveness for the region's banks." We have actually always spoken out, consisting of as worker reps on the Supervisory Panel, that there can easily and need to be mergers at [a] International level, yet only when the banking union is in place. And that is merely our second point of criticism, that our team claim: produce the policies of the game as well as the guardrails first, and after that perform it smartly when it is actually crystal clear which participating in field our team are on," Wittmann pointed out.