Commerzbank AG at Morgan Stanley European Financials Conference Transcript
Hi. Good morning, everyone. I'm pleased to be joined today by Bettina Orlopp, CEO of Commerzbank.
Thank you for being with us, Bettina.
Thank you, Julia.
Questions & Answers
I have plenty of questions for you. I'm sure the room has as well. But first, as always, we start with the following question. And if I can have it -- lean.
Oh, okay. So not related to UniCredit, we will get to UniCredit in a second, but what is the best use of excess capital for Commerzbank beyond the planned 100% profit distribution: one, pitch for additional buybacks for the regulator; two, pursue bolt-on acquisitions; three, pursue organic growth; or four, invest into AI and further cut costs?
Buybacks. Okay. We will get to this in a second, but let me start with the topic of the day, UniCredit announcement yesterday, their intention to increase the stake in
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