WIESBADEN (Reuters) -Commerzbank’s chief executive and hundreds of employees on Thursday voiced support for the German lender’s standalone strategy, fending off advances of Italy’s UniCredit.

"We are focussing on ourselves and our independent strategy," Commerzbank (ETR: CBKG ) CEO Bettina Orlopp told Reuters. "That is the most important thing."

She was speaking shortly before the start of the bank’s annual general meeting and as her employees were protesting against UniCredit’s push for a possible tie-up.

Some 200 Commerzbank employees gathered outside the venue of the shareholder meeting to protest against UniCredit.

They carried signs saying "strong and standalone" and "no to Unicredit (BIT: CRDI )".

Kevin Voss, a Verdi union leader, said he feared massive job cuts in the case of a takeover.