MILAN, May 22 (Reuters) – UniCredit (CRDI.MI), opens new tab studies every possible acquisition target for the bank, Chief Executive Andrea Orcel told the Financial Times in an interview, ruling out interest in Societe Generale (SOGN.PA), opens new tab.
Citing people with knowledge of its Russia exposure, the newspaper also reported that UniCredit would book provisions for potential losses in its next quarterly results after a court-ordered seizure of some of its assets in Russia.
A St Petersburg arbitration court last week seized 463 million euros ($503 million) in shares and other securities, accounts and property, or 5% of UniCredit’s Russian assets, in a case over a gas plant project that was aborted due to Western sanctions.
Ample excess capital that can be deployed for mergers and acquisitions have fuelled speculation about Orcel’s M&A moves since the investment banker arrived at UniCredit in 2021.
Orcel has walked away from a deal to buy bailed-out rival Monte dei Paschi di Siena (BMPS.MI), opens new tab, but he explored possible bids for smaller Italian lender Banco BPM (BAMI.MI), opens new tab as well as Germany’s Commerzbank (CBKG.DE), opens new tab, sources have previously told Reuters.
Source: REUTER
