The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

UniCredit: Turning a new page

UniCredit entered the Covid-19 crisis flush with capital. That money was earmarked for dividends and share buybacks. So far, it has gone on frontloading loan write-offs.

Jean Pierre Mustier
Jean Pierre Mustier, CEO of UniCredit

Just a few weeks before Covid-19 arrived in Europe, chief executive Jean Pierre Mustier had predicated UniCredit’s 2020-2023 plan on a new commitment to returning capital to shareholders. Dividend payouts were to rise and share buybacks were promised for the first time in 10 years.

The European Central Bank’s effective ban on dividends and buybacks in late March might therefore have brought a special frustration for Mustier and his efforts to boost UniCredit’s share price. Yet the fact that the bank had accrued €7 billion of additional capital through asset sales in 2019 to ramp up payouts and buybacks may have been a bit of luck in the circumstances.

The asset sales in 2019 included the bank’s exit from its joint venture in Turkey and sales of large minority stakes in Finecobank and Mediobanca.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?