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.
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As EGM approves capital increase, lender spells out impact on regulatory capital if things go wrong.
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UniCredit CEO Jean-Pierre Mustier has unveiled his new strategic plan for the bank. At its heart is a €13 billion rights issue. But look deeper and Mustier is at pains to stress UniCredit’s European, rather than Italian, credentials. He’ll need to convince shareholders that this time the bank has a real prospect of breaking free of the country’s bad debt troubles.
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The bank hopes a deal to offload bad debts to Fortress and Pimco will show investors that it is putting its NPL issues behind it
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UniCredit CEO Jean-Pierre Mustier has unveiled his new strategic plan for the bank. With a €13 billion rights issue at its centre, he will need to convince shareholders that this time the bank has a real prospect of breaking free of the country's banking troubles
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Results index Global All transactions 2016 2015 Bank Score 1 2 HSBC 6548 2 3 Citi 3830 3 1 Deutsche Bank 3116 4 13 Bank of New York Mellon 1728 5 14 Sumitomo Mitsui Banking Corporation 1536 6 8 JPMorgan 1534 7 5 Commerzbank 1359 8 4 Bank of America Merrill Lynch 1339 9 6 Standard Chartered 1305 10 7 Barclays 1303 11 9 Bank of Tokyo-Mitsubishi UFJ 1209 12 32 Industrial & Commercial Bank of China 1057 13 45 DBS Bank 1045 14 12 Wells Fargo 823 15 11 Bank of China 817 16 19 Societe Generale 721 17 18 Mizuho Bank 692 18 16 UniCredit 607 19 21 ADCB 605 20 15 RBS 535 21 10 BNP Paribas Fortis 504 22 Cathay United Bank 501 23 22 Yapi Kredi 355 24 UOB 352 25 ANZ Banking Group 340 26 23 ING Group 265 27 35= Agricultural Bank of China 251 28 29 Akbank 250 29 17 RZB 223 30 137= Bank Mandiri 218 31 42 Arab Bank 194 32 39 Bank of Communications 193 33 28 UBS 189 34 ATF Bank 188 35 208= Bank Central Asia 182 36 BNI 46 162 37 CIMB 156 38 38 Danske Bank 152 39 65= Banco BPI 144 40 208= Bangkok Bank 132 41 Siam Commercial Bank 126 42 40 Credit Agricole 122 43 34 BBVA 118 44 Hang Seng 116 45 41 Lloyds 114 46= 27 Garanti Bank 110 46= 74= Bancolombia 110 48 Bank Danamon 107 49 NAB 106 50 Bank of Nanjing 103
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While HSBC scores a notable double in Euromoney’s annual global rankings, the record response rate of almost 35,000 validated votes generated a host of changes at the upper end of our cash management survey. Regional banks move to the fore and some previous global leaders have dropped back.
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Almost 35,000 companies and financial institutions vote, a record response rate; HSBC wins globally for both client sectors; and there are big changes at the upper end of cash management survey, with regional banks to the fore and some once global leaders dropping back.
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While the accelerated sales of stakes in Fineco and Pekao signal a new style, UniCredit's returning CEO says HVB still fits with the core Italian business
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From Cyprus to Ireland, banks in Europe can boast some impressive turnaround stories. They now have the chance to help others and lead the wider transformation and consolidation that the sector so badly needs.
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Under a new CEO, investors in Italy’s biggest bank need to see shock and awe.
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UBS Wealth Management voted best global private bank; revenue outlook dimmer this year; asset management competition heats up.
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Extended results can be viewed here.
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Banking sector clean-up to continue; UniCredit heads for the exit.
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Trade Finance Survey 2016 full results Global 2016 2015 1 1 Deutsche Bank 2 2 UniCredit 3 3 Citi 4 4 HSBC 5 5 Commerzbank 6 14 Société Générale 7 12 RBS 8 6 Standard Chartered 9 20 ING 10 10 Santander
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Survey attracts more than 2,000 votes as biggest players hang on to top spots
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Deutsche Bank retains its position as the leading global trade-finance bank in this year’s Euromoney survey. The German bank and overall runner-up UniCredit also dominated the results by region and by product.
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Italy, Austria, Germany take brunt of 18,000 job losses; lingering capital doubts overshadow efficiency drive.