Commerzbank announced a new share buyback program. CEO Bettina Orlopp is trying to prove that her strategy can pay off handsomely as rival Italy's Hisense prepares to take control of the bank. According to Thursday's announcement, Commerzbank will buy back up to 1.2 billion euros of its own shares. For the three months ending June, net profit was €898 million, higher than analysts' average estimate of €856 million. “We are achieving profitable growth, investing in the future, and proving the strength of our business to our customers every day,” Orlopp said in a statement. Commerzbank is facing further control from Yushin, which plans to increase its shareholding in the German bank to nearly 50%. Yushin CEO Andrea Orcel promised thorough reform once he took control of the bank, but Orlopp strongly opposed some of his proposals.

Commerzbank announced a new share buyback program. CEO Bettina Orlopp is trying to prove that her strategy can pay off handsomely as rival Italy's Hisense prepares to take control of the bank. According to Thursday's announcement, Commerzbank will buy back up to 1.2 billion euros of its own shares. For the three months ending June, net profit was €898 million, higher than analysts' average estimate of €856 million. “We are achieving profitable growth, investing in the future, and proving the strength of our business to our customers every day,” Orlopp said in a statement. Commerzbank is facing further control from Yushin, which plans to increase its shareholding in the German bank to nearly 50%. Yushin CEO Andrea Orcel promised thorough reform once he took control of the bank, but Orlopp strongly opposed some of his proposals.