UniCredit CEO Tells Il Sole No M&A Moves on Table at the Moment
(Bloomberg) -- UniCredit SpA plans to return to organic growth in its home market and doesn’t rule out takeovers in the future, Chief Executive Officer Andrea Orcel said.
The lender, which last week said it will return at least 16 billion euros ($18.1 billion) to shareholders by 2024 in one of Europe’s most ambitious payout proposals, doesn’t currently have any merger plans in the works, Orcel said in an interview Saturday with Il Sole 24 Ore.
Nine months into the job, Orcel is ramping up incentives for investors and setting the bank on a cost-efficiency and profitability drive. That follows the collapse of talks to acquire Banca Monte dei Paschi di Siena SpA from the Italian state in October.
Mergers or acquisitions make sense for the lender only if they add value, Orcel said in the interview, adding that his company isn’t interested in current speculation about deals involving investment bank Mediobanca SpA and insurer Assicurazioni Generali SpA.
Orcel said he’s “satisfied” that a Spanish court recognized his rights in a ruling that Banco Santander SA must compensate him for withdrawing an offer to become its chief executive officer. Santander plans to appeal the verdict.
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