UniCredit has placed the emphasis firmly on growth and revenues in its first results under new chief executive Andrea Orcel, signalling a shift from what he called a period of “active retrenchment”.
Regarding M&A, Orcel told analysts: “I do see it as an accelerator” – assuming it is in shareholders’ best interests and if the bank is confident in its ability to execute a deal.
With these words alone, Orcel drew a clear line under Jean Pierre Mustier’s term as CEO.
Mustier, who left the bank in February, repeated a mantra of “no M&A” even as M&A fever gripped Italy and southern Europe more widely last year.
Orcel was clear, however, that “M&A is not a purpose in itself”.
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