Commerzbank's chief executive has called for constructive dialogue with UniCredit, signaling a willingness to cooperate after a prolonged takeover battle with the Italian bank, which now holds a near-majority stake in its German rival.

UniCredit's pursuit of Commerzbank has continued for nearly two years, with frequent clashes between executives of the two lenders. The latest conflict unfolded during a tender offer that increased UniCredit's stake in Commerzbank to 47.6%, during which both sides asked Germany's financial regulator to intervene.

Commerzbank CEO Bettina Orlopp stated on Thursday that it is now time to start discussions with UniCredit about potential areas of cooperation. "Even if UniCredit holds a majority stake at the next annual general meeting, it cannot unilaterally decide on fundamental structural measures," Ms. Orlopp said. "This clarifies responsibility for both sides. A shared understanding of the business model must be reached, involving all stakeholders."

Ms. Orlopp's remarks follow UniCredit CEO Andrea Orcel's outline last month of his vision for Commerzbank's future, projecting that the German bank would begin adopting UniCredit's strategy from early next year.

As part of its defense against UniCredit's takeover approach, Commerzbank had committed to boosting profitability and increasing returns to shareholders. On Thursday, the bank announced plans to launch a share buyback program worth up to €1.2 billion (approximately $1.39 billion), reaffirming its intention to return all of its full-year profit to shareholders.

Commerzbank reported a second-quarter net profit of €898 million, up from €462 million in the same period last year. Revenue rose 9.3% to €3.3 billion, driven by higher fee income, while net interest income—the difference between earnings on loans and payments on deposits—remained flat at €2.06 billion. The bank also reiterated its 2026 guidance and medium-term targets.