(Bloomberg) -- Commerzbank AG appointed Bettina Orlopp to replace departing Chief Executive Officer Manfred Knof as it contends with a possible takeover approach from rival UniCredit SpA.

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The German lender said in a statement Tuesday that it is aiming for a transition to take place “in the near future.” A person familiar with the matter said that would take place in the coming weeks.

Orlopp had been viewed as the favorite candidate to succeed Knof, although the bank also vetted external candidates with the help of headhunter Egon Zehnder, Bloomberg News has reported. Orlopp had already shown interest in the top job four years ago and has won praise from investors, customers and employees for managing the group’s finances.

“While we have a strategy that is effective, significant tasks lie ahead,” Orlopp said in the statement. “Together with all our key partners, we will navigate through the challenges ahead of us successfully.”

Commerzbank had accelerated the search for a new CEO as it prepares to respond to a surprise move by UniCredit, which this month disclosed that it built an effective stake of 21% in Commerzbank and indicated it may seek a merger. Knof announced just before the stake sale was made public that he won’t seek another term when his contract runs out at the end of next year.

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