Commerzbank AG’s new Chief Executive Officer Bettina Orlopp sought to rally the troops on her first day in office, pledging to advocate for a strategy built on the bank’s independence.

Andrea Orcel stunned Germany last week by raising UniCredit’s stake in Commerzbank from 9 per cent to 21 per cent in a manoeuvre that mirrored tactics made notorious in hostile takeover battles more than a decade ago.

The German lender said it planned to improve its profitability and boost shareholder returns as it grapples with a possible takeover attempt by Italy’s UniCredit.

A senior German banker said there a several reasons why a takeover of Commerzbank AG by UniCredit SpA could be beneficial, demonstrating that the strong opposition to the potential deal by the country’s government isn’t a national consensus.

Commerzbank's leadership fully supports its strategy built on independence, Chief Executive Officer Bettina Orlopp said on Tuesday, her first day at the helm of the German bank being courted by Italy's UniCredit.