dpa
Frankfurt
Milan-based multinational banking group UniCredit on Monday rejected allegations it would cut large number of jobs at Germany’s Commerzbank in the event of a successful takeover.
“UniCredit is currently merely an investor in Commerzbank, and all statements about what could happen the future is pure speculation,” the bank, which is rated as “systemically important” by the international banking authorities, said.
It was responding to allegations made by Uwe Tschäge, head of the works council at Commerzbank, which represents staff interests.
Speaking recently to Germany’s Handelsblatt newspaper, Tschäge predicted a takeover could result in the loss of two thirds of Commerzbank’s staff. “A reduction of more than 15,000 jobs looms,” he told the business daily.
In its statement, UniCredit said that Tschäge’s statements, particularly with respect to potential job losses, were completely without foundation.
On December 18, UniCredit announced that it had raised its interest in Germany’s second largest commercial bank to holding control of around 28% of its shares. It owns 9.5% and has secured access to a further 18.5% through financial instruments.
The Commerzbank works council and the unions are resisting a possible takeover. German Chancellor Olaf Scholz has also opposed the move.
“Unfriendly attacks and hostile takeovers are not something that are a good thing for banks,” he said in late September, as UniCredit raised its controlling interest to around 21%.
The Milan bank has applied to the German supervisory authorities for a licence to take its stake to 29.9%. Once it has a controlling interest of 30% it is obliged to make an official takeover offer.
“Our interest in Commerzbank expresses our long-term engagement in the German market and for the creation of a stronger and better bank for Germany,” it said on Monday.
UniCredit took over Germany’s HypoVereinsbank in 2005. Extensive job cuts ensued.
