UniCredit could overhaul Commerzbank's supervisory board as early as January, FT reports

Sept 29 (Reuters) - UniCredit Chief Executive Andrea Orcel could overhaul Commerzbank's supervisory board as early as January to better steer the Germany bank's strategy, the Financial Times reported on Tuesday, citing people familiar with the matter.

The Italian lender plans to call an extraordinary general meeting (EGM) once it receives the remaining regulatory approvals needed to take control of Germany's second-largest bank, the newspaper said.

After a two-year pursuit, UniCredit has secured nearly 50% of Commerzbank's share capital - enough to control shareholder resolutions once it secures supervisory clearance to own the shares.

The FT said an overhaul of Commerzbank's supervisory board already in January would be the best-case scenario for UniCredit.

The base-case scenario is to secure control of Commerzbank by the end of February and replace all 10 shareholder members on its 20-person supervisory board, the FT reported.

Any board changes could also be pushed back until Commerzbank's annual general meeting in May if the German lender seeks to delay them, the FT added.

Orcel had said in July he wanted Commerzbank to start adopting from January the strategy he had mapped out for the lender, or he could use UniCredit's 48% stake in the rival to install a new board.

Reuters reported this month Orcel wants to oust Commerzbank CEO Bettina Orlopp.

UniCredit and Commerzbank had no immediate comment.

After putting up a fierce resistance, Berlin and Commerzbank eventually softened their stance once UniCredit gained de facto control, seeking an accord on the terms of a takeover.

The German government wants Commerzbank to remain listed, keep its Frankfurt headquarters and maintain its role in financing German medium-sized companies at home and abroad.

Germany also wishes to keep the two supervisory board members it has been entitled to appoint at Commerzbank since bailing out the lender in 2009, a request which UniCredit opposes.

Germany retains a stake of 13.3% in Commerzbank. 

(Reporting by Abu Sultan in Bengaluru and Giulia Segreti in Rome; Editing by Janane Venkatraman and Valentina Za)