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.
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.
With in-house asset managers in vogue, UniCredit chief executive Andrea Orcel might try to revisit the bank’s sale of Pioneer to Amundi.
Francesca Nenci, the recently appointed global head of trade finance at UniCredit, talks to Euromoney about the bank’s trade finance business and the client trends that will shape her approach to her new position.
It is the deal everyone was waiting for – but UniCredit CEO Andrea Orcel has to appear guarded, as he enters exclusive negotiations with Banca Monte dei Paschi di Siena.