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UniCredit CEO says M&A is a possibility, not a must

by Uma
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UniCredit CEO says M&A is a possibility, not a must

UniCredit CEO says M&A is a possibility, not a must

ROME (Reuters) – UniCredit is willing to consider M&A opportunities if financial conditions are right, but they are not a must, Chief Executive Andrea Orcel said in an interview published on Friday.

“M&A is a possibility, not an compulsory choice,” Orcel told Italian regional newspaper La Sicilia.

Italy’s second-largest bank has been linked to a number of deals, both in Italy and Europe. It has explored bids for smaller Italian lender Banco BPM as well as Germany’s Commerzbank, sources previously told Reuters.

“If there are shareholders willing to sell at favourable economic conditions, we will evaluate the opportunities. Conversely, if we do not find targets in line with our strategic objectives, we will continue to buy back our shares,” he said.

Orcel broke off negotiations with Italy’s Treasury to take over Banca Monte dei Paschi di Siena (MPS) in 2021.

($1 = 0.9245 euros)


(Reporting by Alvise Armellini, editing by Alexander Smith)