Should UniCredit, under a new chief executive, try to be more like Intesa Sanpaolo?
Given the two Italian banks’ relative share-price performances, especially in 2020, it is a valid question. UniCredit’s increasingly weak profitability compared with Intesa’s is important to its Italian clients, who are unusually sensitive to their bank’s solidity.
Italian retail banking, of course, has never been UniCredit’s strongest point – unlike at Intesa.
That’s why Jean Pierre Mustier, who is stepping down as UniCredit’s chief executive in April, put more emphasis on providing fee-earning services for internationally oriented corporates across Europe.
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