The takeover saga surrounding Unicredit and Commerzbank has not yet been resolved. The Italians are still the largest shareholder – and have not yet made an offer. Commerzbank is still emphasising the advantages of its independence, and the federal government also seems willing to support this. The uncertain situation can unsettle employees, and quickly paralyse a bank. Ensuring that this does not happen, and that positive energy is actually drawn from the challenge, is to a large extent the task of the personnel development department. At Commerzbank, this task falls primarily to Sabine Mlnarsky. The 47-year-old Austrian, as Member of the Board of Managing Directors, has been responsible for Human Resources at the German bank since the beginning of 2023. Among other things, she negotiated the latest round of savings with the workforce – and did so extremely discreetly.

After holding positions at Erste Bank, Lufthansa subsidiary Austrian Airlines, and Erste Group – all in HR – the Vienna-based native has arrived in the Frankfurt financial centre – and the latest confirmation of this was provided by the members' meeting of the Bankenverband Mitte, which elected Mlnarsky as the new Chairwoman of the Management Board with effect from 4 June 2025.

She succeeds Mario Mattera, member of the Management Board of Bankhaus Metzler, who has held the chairmanship since 2021 and is handing over the office in rotation. Mattera, who will remain with the Bankenverband Mitte as Deputy Chairman of the Executive Board, has been with Metzler since 2002 and is known for his immense commitment to the financial centre. The fact that Mlnarsky, a „newcomer“ manager, will succeed him is testimony to how quickly she has been able to build up a good reputation – and possibly a message sent from the Bankenverband across the Alps to Italy that they still want an independent Commerzbank.

At the Frankfurt Banking Day organised by the Bankenverband Mitte, Mattera was full of praise for Mlnarsky, with whom he had already held a handover meeting lasting several hours. Her management role in the Human Resources division was helpful in view of the challenges facing Frankfurt. „The employees of our institutions are the heart of our financial centre,“ said Mattera. Recruitment and development are key issues in view of the international competition for the best talent.

Mattera and his successor share a commitment to financial education. Germany is one of the few OECD countries without a national strategy to promote financial education. This is a key factor for economic self-determination and economic resilience, according to the banking association. Mlnarsky can contribute her experience from Austria to the dialogue with politicians, where a national financial education strategy was launched four years ago. At that time, the Commerzbank board member had herself launched the first financial education initiatives as part of her role as head of HR at Erste Group.

On the Board of Managing Directors of Commerzbank, Mlnarsky is responsible for Human Resources as well as the Organisation & Security division. She has also been a member of numerous supervisory and advisory boards for many years. She studied law at the University of Vienna. Her training in mediation and conflict management could also be useful to her in her work for the association. Experience shows that the interests of members do not always coincide. Bankenverband Mitte, based in Frankfurt, represents the interests of around 100 private banks with almost 40,000 employees in Hesse, Rhineland-Palatinate and Saarland. Its work focuses on expanding and strengthening Frankfurt as a financial centre. „I am convinced that Sabine Mlnarsky will provide important impetus here,“ says Mattera.