Commerzbank's Baltic Strategy: A Representative Office in Vilnius

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Commerzbank's Baltic Strategy: A Representative Office in Vilnius
BALTIC STATESCOMMERZBANKBANKING STRATEGY
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Michael Kotzbauer, Head of Corporate Clients at Commerzbank, discusses the bank's new representative office in Vilnius, its strategy for the Baltic region, and the potential impact of a Unicredit takeover.

Commerzbank 's Head of Corporate Clients Michael Kotzbauer discusses the bank's Baltic strategy, and why a takeover by Unicredit would not be a truly cross-border banking merger in the sense of European Banking Union.

The quality of the business is more important than the number of clients. We know that for us substantial clients are already there or have concrete investment plans in mind. When you talk to local business partners, you simply feel a completely different entrepreneurial dynamic than in Germany. For example, official approvals are implemented much faster, but investment issues are also very strongly supported politically.

Yes, sure. Since then, local banks and companies have engaged in massive de-risking and have reduced the non-resident portfolio. We also have a very robust compliance framework. Correct. However, we should consider the phase in which we were at that time. At the end of 2020, when we began to close the sites, Commerzbank was in a difficult economic situation. With the focused strategy 2024, we have come through this. Of course, we also worked to reduce our costs and complexity and, in this context, have also optimised our international network.Let me give you an example, in Spain we had a branch in both Barcelona and Madrid.

We have always clearly communicated that we, as the executive board of a listed bank, examine every proposal in an open-ended manner. However, there is no offer that we could rate. We are firmly convinced of our strategy, which is based on independence and want the best for our three stakeholders. In addition to the shareholders, these are also our employees and our clients. Unicredit is an investor according to its own statement. That is why we are holding talks as with any other investor.

Exactly. There are two key points that are often overlooked. If I wanted to have a fully efficient cross-border banking merger, it would need a Banking Union – and this is the entirely right discussion. But we don't have one. Liquidity and capital would continue on the German-Austrian border. We do not have a Banking Union in Europe, because, for example, we do not have a common European deposit guarantee. Germany, as you know, rejects it. Italy, in turn, rejects the ESM reform.

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BALTIC STATES COMMERZBANK BANKING STRATEGY REPRESENTATIVE OFFICE UNICREDIT

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