How Europe’s political disunity prevents big bank M&A
The European Central Bank has made it clear that it would look favourably on big bank mergers to create stronger pan-eurozone lenders. But M&A between large lenders in different eurozone states is still stalling through financial and political fragmentation – despite hopes for a closer union after Brexit and the war in Ukraine.
UniCredit: Mustier’s magical year
As a self-described ‘insider-outsider’ at UniCredit, Jean Pierre Mustier has transformed the image of Italy’s biggest bank – inside and out – over an extraordinary 12 months as CEO.
UniCredit’s new guard fights to revive its empire
After a few difficult years, culminating in the resignation of its long-serving CEO, Italy’s biggest lender is hoping for a fresh start. But plenty of hurdles need to be overcome if it is ever to reassume its position as one of Europe’s leading banks.
In his first year as chief executive, Andrea Orcel has backed out of a deal to buy Banca Monte dei Paschi di Siena and prioritized capital distributions at UniCredit. However, his flirtation with an acquisition in Russia has shown that the bank can still raise eyebrows. Orcel talks to Euromoney about the bank’s biggest opportunities and how M&A can help realize them.
Beyond the headline-grabbing talks on buying Banca Monte dei Paschi, the new chief executive has radically reshaped the bank as he seeks to better harness its potential.
Chief executive Andrea Orcel’s new plan for UniCredit has little of the asset-selling drama of his predecessor. Whether it works better than the old strategy may be longer in the telling.
The world’s oldest bank lives to see another day, but the taxpayer – and the local workforce – will pay a heavy price
With local elections fuelling the political sensitivity of UniCredit’s mooted MPS deal, it will be even harder for CEO Andrea Orcel to secure both national support and investor returns.
With in-house asset managers in vogue, UniCredit chief executive Andrea Orcel might try to revisit the bank’s sale of Pioneer to Amundi.