FRANKFURT, Sept 20 (Askume) – Commerzbank (CBKG.DE) employees and key unions on Friday called on the German government to oppose the German bank’s takeover by Italy’s UniCredit SA (CRDI.MI) , fearing staff would be forced to resign if the deal went through.
The joint statement by the Commerzbank and Verdi unions represents the strongest pressure yet by employees against a potential tie-up between the banks.
The two organisations said they called on the government to “work with staff to build a strong, independent commercial bank”.
A few days earlier, the Italian bank had announced it had bought a 9% stake in Commerzbank from the German government and the open market, with the bank’s chief executive saying he wanted to explore the possibility of a merger.
The German government still holds a 12% stake in Commerzbank and will play a key role in whether the deal can be completed.
“We call on the German government not to make any hasty decisions on the sale of our shares,” said Uwe Tschage, chairman of Commerzbank’s works council.
Responding to the demands of employees and unions, a German government spokesperson said the government was “thoroughly analysing” the matter.
UniCredit was not immediately available for comment, and Commerzbank did not immediately respond.
With over 25,000 corporate customers, about a third of Germany’s foreign trade payments and over 42,000 employees, Commerzbank is key to the German economy.
Italy’s takeover interest has sparked a fierce reaction and embarrassed the German government.
Acquisition of UniCreditThe pan-European bank merger is the most ambitious attempt to date , but it faces significant political hurdles in Germany.
German Finance Minister Christian Lindner said on Thursday that the government does not want to invest permanently in any bank.
But sources told Askume the government currently has no plans for further sales and Commerzbank has asked the government to retain its stake for now .
