The timing was the same: a few weeks before Christmas and after a good part of the year had gone by since his rocky installation. But Andrea Orcel’s new strategic plan for UniCredit was very different from the ones his predecessor Jean Pierre Mustier set out in 2016 and then again in late 2019.
This time, there is no news of a rights issue or asset sale.
Orcel insisted that the headline-grabbing target of increasing capital distributions to €16 billion during the next three years – about 65% of UniCredit’s market capitalization – would come from what he called “sustainable organic capital generation”.
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