S&P 500 closes at record high for second consecutive session

Commerzbank on Tuesday announced its new chief executive will be Bettina Orlopp, who is expected to fight an attempted takeover of the German bank by Italy’s UniCredit.

Orlopp, currently Commerzbank’s chief financial officer, would replace current chief executive Manfred Knof “in the near future”, Germany’s second-largest listed lender said.

This month, Commerzbank said Knof would not seek another term after his contract expires at the end of 2025.

People familiar with Orlopp’s thinking told the Financial Times she was not supportive of a tie-up with UniCredit, which has positioned itself to become Commerzbank’s largest shareholder with a 21 per cent stake, depending on it obtaining regulatory approval. The Italian bank currently has a 9 per cent stake.