UniCredit's CEO, Andrea Orcel, has announced plans for a significant shake-up of German rival Commerzbank, aiming to create a "federal pan-European group and European benchmark". The move is part of UniCredit's strategy to transform the German lender for a "new future-ready era". Orcel stated that a "true combination" of the two companies would send a clear signal. Commerzank has previously opposed a merger, focusing instead on "independence and profitable growth". If UniCredit takes control, Commerzzank would initially be kept separate from each other for 18 months until 2028. However, under a potential "Combination" scenario, a fully transformed "future-ready bank" would be combined with UniCredit-owned HypoVereinsbank.