Commerzbank and UniCredit began initial talks Friday, with the German bank on the defensive over a potential takeover after its Italian counterpart unexpectedly increased its stake earlier this month.

The discussions, which included incoming Commerzbank Chief Executive Bettina Orlopp, were held over Zoom and ended early afternoon local time on Friday, Reuters reported, though no outcome was immediately apparent.

Orlopp on Thursday said the two banks would “exchange views” Friday, Reuters reported. Speaking at a financial conference, Orlopp said the German bank was open minded, but that the speed of synergies and risks needed to be considered.

UniCredit earlier this month took a 9% stake in Commerzbank, before looking to boost it to 21% earlier this week and putting in a request to hold as much as a 29.9% stake in the German bank, hinting at a potential takeover bid. The action took the German government, which also owns a stake in the bank, and the management of Commerzbank by surprise.

Orlopp said Thursday she would not get involved with “crazy” sell-downs or “stupid things,” according to Reuters.

A 10-year veteran of Commerzbank, Orlopp was announced Tuesday as the incoming CEO, replacing Manfred Knof who is set to leave the bank at the end of this month.

Her comments on Thursday came as the bank’s board of managing directors and supervisory board unanimously said they supported Commerzbank’s current strategy at an annual meeting. Germany’s second-largest lender said in a Thursday statement that the implementation of its strategy plans until 2027 was “progressing rapidly.”

“Commerzbank is continuously expanding its independent position as a strong pillar in the German banking market and a reliable partner to the domestic economy,” Jens Weidmann, chairman of the supervisory board, commented.

The statement also noted that the board of managing directors was now expecting the bank’s return on tangible equity and payouts to shareholders to be bigger than so far anticipated.

The potential for a takeover or merger has been met with opposition from Germany’s government and several senior figures at Commerzbank. Supervisory board member Stefan Wittmann this week told CNBC he hoped a hostile takeover could be avoided, and said major job losses could occur if it became a reality.

Some investors however have in recent days suggested they would be open to talks about a potential merger.

Orlopp herself earlier this month told journalists that the process had taken Commerzbank by surprise, but urged a calm approach.