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 Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
The Euromoney 25

UniCredit: No end to Mustier's tests

With progress made on profitability, the chief executive is turning to deep-seated organizational challenges

Jean Pierre Mustier is allowing no let-up in the relaunch of UniCredit after its €13 billion rights issue in the spring of 2017. 

The share sale ended an immediate crisis of confidence over the bank’s capital position with impressive dexterity. It was the culmination of Mustier’s whirlwind return to the bank as chief executive in mid 2016.

His shock-and-awe tactics have brought a transformation in the market’s view of the pan-European lender. As the year drew to a close, even habitual bears Berenberg noted that costs and capital would beat the bank’s own 2017 targets. 

On Project Fino – the €17.7 billion non-performing-loan securitization that was crucial to the success of the rights issue – progress has included ratings from DBRS and Moody’s, and the signing of definitive transfer agreements with investors Fortress and Pimco. 

On the new business side, its trailblazing launch of instant payments between Germany and Italy in November brought new promise for its pan-European offering.

Mustier and his team are, however, well aware of the fundamental and difficult issues facing cross-border European commercial banks like UniCredit.

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.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

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

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, 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

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree