CRIN.HM - UniCredit SpA

UniCredit CEO Orcel says "up for more" when asked about future

MILAN (Reuters) -UniCredit Chief Executive Andrea Orcel said on Monday he would be "definitely up for more," when asked about whether he would seek a new mandate at the helm of the Italian bank. The former UBS investment banking chief started in April 2021, and in December that year he presented his 'UniCredit Unlocked' strategy for Italy's only lender regulators deem of global relevance. "I love my job, I love UniCredit," he told a Bloomberg conference in Milan, adding he thought his work at the Italian bank was not done.

Exclusive-UniCredit cuts Amundi funds' share in assets under management - source

UniCredit has been trimming the proportion of Amundi funds in its total assets under management as a decade-long deal between the companies enters its final years, a person close to the matter said, the latest sign it may not be renewed. Under an agreement struck in 2017, when UniCredit sold Amundi its in-house asset management operations, the French group's funds must account for a predefined portion of the total AUMs at the bank, two people said. UniCredit has started scaling down Amundi's role as a share of its AUMs, paying penalties outlined under the contract, the source said, without providing further details.

Italy's UniCredit mulling merger of Slovenian and Austrian units

Italy's second-largest bank UniCredit said on Tuesday it was considering merging its Slovenian unit UniCredit Banka Slovenija d.d. "The goal of the evaluation is to define a new and simpler operating model ... in both countries," it said, adding that henceforth the Unicredit Group would operate in Slovenia under the brand name UniCredit Bank. UniCredit said it expects to complete the assessment on the possible merger in the third quarter of 2023.

Mastercard (MA), UniCredit Expand Ties to Advance Payment Options

Mastercard (MA) strengthens collaboration with UniCredit to provide advanced payment choices and better digital experiences to UniCredit cardholders.

UniCredit (UNCFF) is on the Move, Here's Why the Trend Could be Sustainable

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Thyssenkrupp Seeks to Launch Nucera IPO in June at €4 Billion Value

(Bloomberg) -- Thyssenkrupp AG plans to launch a long-awaited initial public offering of its Nucera hydrogen unit next month, which could be valued at about €4 billion ($4.3 billion), people with knowledge of the matter said.Most Read from BloombergHere’s How Much Wealth You Need to Join the Richest 1% GloballyDebt-Limit Talks to Intensify as Biden Set to Depart for JapanJPMorgan Asset Says Markets Are Right to Bet on US Rate CutsMercedes Sets Out to Make Sexy Vans With Yacht-Like InteriorsThe G

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Italian bank Intesa raises profit target after beating forecasts

MILAN (Reuters) -Intesa Sanpaolo, Italy's biggest bank, raised its 2023 profit goal on Friday after first-quarter net income nearly doubled thanks to higher interest rates and shrinking loan loss provisions. The lender forecast 7 billion euros ($7.7 billion) in net profit this year, having said in February that it would top last year's result of 5.5 billion euros. "Looking ahead to 2025, the final year of our business plan, we expect to comfortably exceed our 6.5 billion net income target," CEO Carlo Messina told analysts.

UniCredit to use 300 million euro charges for staff exits-sources

MILAN (Reuters) -UniCredit will use restructuring charges to help fund voluntary exits for some of the additional 1,000 employees who asked to leave under an early retirement scheme launched last year, two people close to the matter said. In reporting stronger-than-expected quarterly results, UniCredit on Wednesday raised its 2023 profit goal above 6.5 billion euros ($7.2 billion) and said the figure included 300 million euros in restructuring charges it would book mostly in the second quarter. The bank plans to use the money to cut staff costs by axing jobs in central offices and hiring young people to strengthen its commercial franchise and boost its digital capabilities, the sources said.

UniCredit CEO says no M&A targets make sense at current prices

UniCredit Chief Executive Andrea Orcel on Wednesday said buying back the banks' own shares was the best use of its money, with no merger and acquisition deal offering a valid alternative. A 40% rise in UniCredit's share price this year has fuelled speculation that Orcel, who built his career in investment banking first at Merrill Lynch and then UBS, could consider an acquisition. "We see today a much greater value to be created by repurchasing our stock at these levels than doing any M&A," Orcel told a media call after the bank reported bumper quarterly earnings.

UniCredit raises 2023 goals after stronger than expected quarter

UniCredit on Wednesday raised its financial targets for the year, after posting much stronger than expected first quarter earnings. UniCredit forecast a 2023 profit above 6.5 billion euros ($7.2 billion), improving the guidance it gave earlier this year about broadly matching its 2022 result of 5.2 billion euros. UniCredit slightly modified its definition of profit under its guidance, but the two numbers remain largely comparable, it said.

UniCredit to repay AT1 bond, says no need to issue more near term

UniCredit said on Thursday it would redeem in June a 1.25 billion euro ($1.38 billion) 'Additional Tier 1' (AT1) perpetual bond after receiving supervisory approval, adding it had no need to sell similar debt in the near future. Investors' confidence in AT1 bonds has been rocked by a Swiss authorities' decision to wipe out $17 billion of Credit Suisse's CSGN.S AT1 debt under its takeover by UBS, in a move that hit AT1 holders harder than shareholders. As a consequence, liquidity in the AT1 market dried up, yields soared - making refinancing impossible - and investors worried that lenders would not stick to an unwritten market practice under which issuers redeem AT1 bonds - which are perpetual - at the earliest opportunity.

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UniCredit fails to win support for pay policy from investor Allianz's funds

Funds managed by German insurer Allianz failed to back the Italian bank's new remuneration policy and pay packages awarded in 2022 at last month's general meeting, a document showed. Minutes of the UniCredit annual shareholder meeting showed that the funds run by Allianz had abstained in both votes. Allianz, which is itself the second-biggest shareholder in UniCredit, had backed the company policy.

Goldman Sachs lifts UniCredit stake to 7.6%

Goldman Sachs had raised a stake in Italian bank UniCredit it built mostly through various financial derivative contracts to 7.62% as of April 18, a regulatory filing showed on Monday. The stake, held by Goldman through a number of its own companies, stood at 6.2% on April 13 and rose to as much as 8.2% the following day, before being pared back. Goldman, whose equities services include a market making role on derivatives, has been raising and reducing its potential UniCredit exposure over the course of the past month which has witnessed turmoil in the banking sector.

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UniCredit's M&A stance is 'steady as she goes' - CEO

UniCredit is in a position to take advantage of current turmoil in the banking industry to gain market share but on merger and acquisitions its stance is one of "steady as she goes", its chief executive said on Wednesday. Speaking at a Bloomberg conference in Dublin, CEO Andrea Orcel downplayed as "isolated cases" recent problems in the industry, including U.S. regional bank failures and the rescue merger of Credit Suisse with rival UBS. Orcel said the European Central Bank's decision to go ahead with a planned rate rise and also authorise UniCredit to buy back 3.34 billion euros ($3.66 billion) of its own shares, nearly 10% of its value, "underscored the fact that the situations are very different."

Italian investor in UniCredit, Banco BPM sees 'strategic value' in deal

MILAN (Reuters) -An Italian investor in both UniCredit and Banco BPM said on Wednesday that a merger would have "strategic value", but any decision lay with management not shareholders. Italy's No.2 bank UniCredit was preparing an offer for number three Banco BPM in 2022, before the Ukraine conflict forced CEO Andrea Orcel to focus on its Russia exposure. Orcel had looked to move on Banco BPM soon after becoming UniCredit CEO two years ago, but instead entered talks with the government over a possible Monte dei Paschi acquisition that eventually fell through.

UniCredit CEO expects ECB to take 'balanced approach' on rate hikes

The head of Italy's UniCredit expects the European Central Bank (ECB) to take a 'balanced approach' on interest rate hikes, acting on the basis of economic data as they become available given the high level of uncertainty. "I believe that in the end the (European) Central Bank will take a balanced approach, probably raising rates by more than what 'doves' would like, but by less than what 'hawks' would," CEO Andrea Orcel was quoted as saying by Il Messaggero daily on Thursday. Orcel added he expected the ECB's deposit rate could peak in the summer.

Exclusive-Amundi discussed possible Italian ops spin-off with UniCredit - sources

Amundi has held talks with its commercial partner UniCredit over the possibility of the bank investing in the French asset manager Italian operations, as the two weigh options for their future relationship, two sources close to the matter said. The sources said one possibility that has been considered would see Amundi spinning off its Italian operations into a separate company, in which UniCredit could buy a stake. UniCredit struck a 10-year deal with Amundi to distribute the French company's products through its branches in 2016, when it agreed to sell its asset management business Pioneer Investment to Amundi for 3.55 billion euros ($3.87 billion).

UniCredit resumes purchases of tax credits from green building schemes

UniCredit said on Monday it was resuming buying tax credits deriving from government incentive schemes to improve energy efficiency, after a halt to the purchases had dealt a blow to Italy's construction sector. Beneficiaries of an array of green building tax schemes have been monetising the tax credits by selling them to lenders, which had however come to put a stop to the purchases. Government measures have prompted lenders to resume the buying.

UniCredit kicks off first tranche of share buyback for 2.34 billion euros

UniCredit will kick off on Monday the first tranche of a share repurchase programme which received supervisory approval last week, a key part of Chief Executive Andrea Orcel's plans to boost the bank's share price. UniCredit said it had hired BNP Paribas to buy back up to 2.34 billion euros ($2.53 billion) worth of shares, equivalent to 12% of the bank's capital, with completion expected by the end of June. The European Central Bank last week gave UniCredit a green light to buy back 3.34 billion euros of its own shares, following a 2.58 billion euro buyback completed last year.

UniCredit shareholders back CEO Orcel's new pay package

MILAN (Reuters) -UniCredit shareholders on Friday backed a new pay policy for the group which would boost CEO Andrea Orcel's compensation package by 30% to 9.75 million euros ($10.6 million) if he manages to beat performance targets. "The vast majority of positive votes were from UniCredit's active shareholders who share our long-term outlook," said Chairman Pier Carlo Padoan adding that voter turnout was the highest the bank had seen in many years. The proposal was approved with 69.1% of votes, which compares with a figure of 74.6% last year, when attendance however was lower, and a narrow 54.1% backing for Orcel's pay package when he first arrived in 2021.