UniCredit
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CEE’s best for HNW: UniCredit
UniCredit’s importance as a private bank in Central and Eastern Europe is particularly evident in its service offering for high net-worth individuals.
Long Reads
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.
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Record regional bank profits, plus strong capital ratios in Western Europe, have fuelled hope for more bank acquisitions in Central and Eastern Europe. The uncertain effect of recent court rulings on Swiss franc mortgages, however, is a big obstacle to deals in Poland.
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In one of his last interviews in office, Ignazio Visco sets the record straight on his controversial 12 years as Italy’s central bank governor: a period of almost constant crisis. Today, the country’s NPL problems seem cured but, as he acknowledges, simmering risks remain.
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A market-beating increase in UniCredit’s share price is just the beginning, chief executive Andrea Orcel tells Euromoney. He must now prove the many remaining sceptics wrong and show the bank can still thrive when net interest margins fall and credit costs rise.
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Societe Generale has exited, and Citi is winding down in retail, but the two biggest remaining Western European players in Russia are also spending a lot of time working out their exposures and operations in the country.
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A new job running Bayern Munich's finances could be more rewarding for HVB CEO Michael Diederich, especially after UniCredit CEO Andrea Orcel’s push for more cuts in Germany.
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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.
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Crédit Agricole’s purchase of a 9.18% in Banco BPM could have benefits, even if it doesn’t presage a full takeover.
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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.
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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.
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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.
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The world’s oldest bank lives to see another day, but the taxpayer – and the local workforce – will pay a heavy price
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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.
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With in-house asset managers in vogue, UniCredit chief executive Andrea Orcel might try to revisit the bank’s sale of Pioneer to Amundi.
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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.
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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.
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The bank’s new CEO signals openness to M&A, while flagging investment fees as a key profit driver this year.
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The maverick activist is blazing a trail by targeting a big southern European bank – and is warning against the risks of a deal between UniCredit and Banca Monte dei Paschi di Siena.
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Less charismatic chief executives will serve Europe’s banks well in the 2020s – unless it simply means that more power will reside with their chairmen.
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Jean Pierre Mustier has spoken candidly with Euromoney throughout his five years of running UniCredit. Here is the inside story of how the first foreign chief executive of Italy’s international banking champion came close to continental leadership but left in acrimony – after clashing with the country’s financial establishment and with chairman-elect Pier Carlo Padoan.
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Must all former chief executives eventually form a special purpose acquisition company?
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The consummate dealmaker appeals to shareholders and the board, by being an Italian with a big international profile.
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In rushing to oust chief executive Jean Pierre Mustier halfway through the reporting cycle, UniCredit’s board may have revealed its weaknesses, not its strength.
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UniCredit entered the Covid-19 crisis flush with capital. That money was earmarked for dividends and share buybacks. So far, it has gone on frontloading loan write-offs.
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Jean Pierre Mustier and António Horta-Osório join Tidjane Thiam as the outsiders who rescued national champions before departing.
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The recent wave of M&A has left behind weaker banks such as Banco BPM, Sabadell and, above all, Banca Monte dei Paschi di Siena. Jean Pierre Mustier’s exit from UniCredit shows why.
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Jean Pierre Mustier’s decision to leave UniCredit raises the alarming prospect of the crippled Banca Monte dei Paschi di Siena pulling down a much bigger and stronger Italian bank.
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Tighter BTP-Bund spreads obviate the need for an international sub-holding, UniCredit CEO Jean Pierre Mustier tells Euromoney.
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Italy’s biggest bank is floundering because it is based on a flawed premise.
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Incoming UniCredit chairman Pier Carlo Padoan could be a useful ally to CEO Jean Pierre Mustier, but the latter may not realise his dreams in Germany and Europe unless the bank plays a greater role in Italy, too.
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As European bank consolidation finally gets under way, Euromoney looks at the financial firepower of the region’s top 20 players. Which banks are now best-placed to do the acquiring and which are at risk of being swallowed up? Mid-tier banks in southern Europe look especially vulnerable.
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UniCredit CEO Jean Pierre Mustier is among bankers pushing for easier corporate access to government equity, as state-backed loans have heightened firms’ indebtedness, and firms’ sales struggle to recover.
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The coronavirus recession makes the need for bank consolidation in Europe even more pressing. But neither a more accommodative stance on M&A at the ECB nor the EU’s new recovery fund will be enough to make it happen.
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For European banks, the tensions between communities, supervisors and shareholders needs careful navigation.
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Entering a potential credit crisis, when they are still battling an old one, leaves Italy’s banks exposed. That means strong government backing is more important than ever.
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UniCredit chief is confident that if banks focus on protecting employees, clients and capital, they can play a crucial role in the economic rescue.
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What was Italy’s biggest bank is giving free rein to Intesa Sanpaolo in Italy, making CEO Carlo Messina’s crown even more secure.
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Banks have benefited from negative rates, but EBF president Jean Pierre Mustier says the downsides are increasing.
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Italy’s biggest bank has surpassed expectations; higher dividends and share buy-backs could maintain its appeal.
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As Italy’s biggest bank unveils a new plan and new targets, CEO Jean Pierre Mustier says negative rates and Basel III reforms mean “8% is the new 10%” for European banks’ returns on equity
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European bank shares have sunk to levels not seen since 2008, and even some of the region’s bank CEOs admit it is hard to make a compelling investment case for them. Euromoney speaks to the people at the top about their potential to re-emerge as global leaders.
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European banks don’t have a continental market, right? Wrong. Even if they cannot do full-blown mergers, the cross-border consolidation of specific business lines offers a way of gaining some of the economies of scale that US and Chinese banks enjoy.
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Establishing clear criteria, and sticking to them, are key to successful ESG investing.
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Blockchain has the potential to revolutionize trade finance, but a lack of standardization will hinder its adoption.
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Debate around the UniCredit-Commerzbank merger will centre on its impact on European banks’ share prices as Eurosceptic populism makes cost cutting more difficult.
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Italy’s biggest bank is offloading choice bits of its 60,000-strong art collection – in doing so it is going in a different direction to peers like Intesa Sanpaolo.
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Gives up on common deposit insurance – regulatory transparency and consistency between states more important, says CEO.
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Prospects for a European deposit insurance scheme (EDIS), together with technology, allow a relatively upbeat assessment on bank merger opportunities, according to Société Générale CEO Frédéric Oudéa.
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UniCredit lifer and top Italian speaker to step down as number two; Khayat and Bisagni take wider commercial roles as Burton becomes CIB head.
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UniCredit regional division head says the UK crashing out of the EU is one of the main external risks to CEE this year.
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The political tune of 2018 was not to UniCredit’s taste. Chief executive Jean Pierre Mustier needs a different rhythm to bring back the party spirit.
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Chance of Société Générale merger remote, but bigger European banks to emerge in ‘medium term’.
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European banks are investing in and using the tools of an AI startup applying deep learning to syndicated loans, asset management and, soon to come, primary bond markets.
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UniCredit’s €3 billion deal is a harsh demonstration of market dynamics.
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A proposed tie-up between UniCredit and Société Générale would be a real game changer in the region: complementary and challenging.
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With progress made on profitability, the chief executive is turning to deep-seated organizational challenges
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Although banks like talking about bringing digital services to trade finance, a surprisingly low proportion of the 7,000-plus participants in Euromoney’s annual trade finance survey are actually using the technology.
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As UniCredit goes from zero to hero, is Intesa taking the opposite route?
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Some of Europe’s biggest banks have joined behind KBC’s blockchain prototype to help SMEs increase trade across the continent.
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Bank warns on AT1 coupon if €13 bln rights issue fails; move highlights importance of capital increase.