(Alliance News) - Andrea Orcel, CEO of UniCredit, emphasized in an interview with La Repubblica on Friday that in M&A operations, it is crucial to know when to say no if value is not being created.
He also rejected accusations from the Ministry of Economy regarding risks to national security, reiterating that UniCredit operates in compliance with regulations across various European countries. In the absence of a genuine banking union, this remains a key point of the interview.
On the topic of Russia, Orcel stated that the bank abides by sanctions and has significantly reduced its operations: loans have dropped by 86%, cross-border flows by 94%, and payments are limited to permitted cases. The Russian subsidiary is not yet up for sale due to the lack of an acceptable buyer, but provisions have been set aside for all eventualities.
Looking at Italy, Orcel sees more issues with regulatory interpretation than with substance. In the event of a deadlock, UniCredit is ready to withdraw and protect itself legally. Following the decision to step back from Banco BPM, Crédit Agricole remains the main shareholder, while UniCredit continues to pursue its own plan, which is considered among the best in the sector.
The decision not to intervene in MPS also proved advantageous: UniCredit's shares have outperformed significantly. Orcel notes anomalies in Treasury placements to Consob, but refrains from commenting on the ongoing investigation.
In his interview with La Repubblica, Orcel explained that the future strategy remains focused on autonomous growth, with 2024 results showing strong improvement. There is interest in Commerzbank, but for now UniCredit remains an investor. Orcel also notes that today, successful M&A requires political alignment as well.
Finally, stakes in Generali and Mediobanca are managed with financial logic: the former will be reduced, while the latter is part of ordinary business activities. Every operation, he concludes, must make sense both industrially and economically.
By Claudia Cavaliere, Alliance News reporter
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