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.
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