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Commerzbank , the German lender facing a takeover approach by ​UniCredit , said on Thursday it would launch ‌a new share buyback programme of up to €1.2 billion ($1.39 billion) to boost the return for ​shareholders.

Commerzbank CEO Bettina Orlopp on Wednesday confirmed direct talks ​with suitor UniCredit and added it ‌would only make sense to serve out her full term until 2029 if she can align ​on strategy with the supervisory board.

Commerzbank's supervisory board chair, Jens Weidmann, has called for a review of Germany's takeover rules, saying UniCredit was able to ​secure control of the lender without offering shareholders an adequate ‌premium, a newspaper reported on Sunday.

German prosecutors have filed charges against four former employees of Commerzbank over alleged tax evasion for activity in ​2008, the latest crackdown on an industry-wide scheme that ‌cost taxpayers billions of euros.

UniCredit's CEO Andrea Orcel has a blueprint for Commerzbank: slash costs, strip out management layers and push harder for revenue ​growth, a formula that has helped transform the Italian lender into one of Europe's most profitable banks.