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UniCredit is set to launch a €14 billion tender offer for Banco BPM on April 28, amid increased competition from Credit Agricole, which has raised its stake in BPM to 19.8%. The offer, cleared by Consob, will run until June 23, as UniCredit's CEO seeks talks with BPM investors while navigating regulatory requirements. Meanwhile, Credit Agricole aims to maintain its commercial interests in Italy, complicating UniCredit's bid strategy.
[Bloomberg]
Sergio Ermotti, CEO of UBS, has been named Europe's highest-paid bank boss for 2024, earning CHF 14.9 million. He is one of only two executives in the industry to surpass CHF 10 million, with Andrea Orcel of Unicredit following closely. Notably, British banks were excluded from this ranking, and while Ermotti leads in Europe, US bank executives earn significantly more.
Tensions rise in the Italian banking sector as UniCredit prepares to launch a takeover bid for Banco BPM, while Crédit Agricole increases its stake to 19.8% to counter UniCredit's ambitions. Amundi, caught in the middle, faces uncertainty as UniCredit considers alternatives to their distribution agreement, leading to a drop in its shares. The ongoing consolidation reflects a broader trend of hostile takeovers in Italy's recovering banking landscape.
UniCredit will launch its takeover offer for Banco BPM on April 28, following approvals from the European Central Bank and Italy’s market watchdog. The offer, which values Banco BPM at 10.1 billion euros, will run until June 23, despite Banco BPM's objections and ongoing plans to acquire Anima. UniCredit's CEO has warned that the offer could be rescinded if Banco BPM increases its stake in Anima.
UniCredit will launch its buyout offer for Banco BPM on April 28, coinciding with Credit Agricole's announcement of securing approval to increase its stake to 19.9%. Despite ruling out a counterbid, Credit Agricole's position poses a significant challenge to UniCredit's CEO Andrea Orcel's ambitions, especially after its strategic moves to bolster BPM's defenses. The offer, valued at €14 billion, will run until June 23, amidst a backdrop of rising profits in Italy's banking sector following recent turmoil.
Sergio Ermotti, CEO of UBS, topped the list of Europe's highest-paid bank CEOs in 2024 with a total remuneration of CHF 14.9 million, significantly exceeding the average for the continent's largest banks. Unicredit's Andrea Orcel followed closely with €13.2 million, marking a 32% increase. Meanwhile, the remuneration of bank executives faces scrutiny amid ongoing integration efforts at UBS and disputes over future capitalization.
UniCredit will launch its buyout offer for Banco BPM on April 28, coinciding with Credit Agricole's announcement of securing approval to increase its stake to 19.9%. Despite ruling out a counterbid, Credit Agricole remains a significant obstacle for UniCredit's CEO Andrea Orcel, who aims to consolidate the Italian banking sector. The offer, valued at €14 billion, will run until June 23, amidst a backdrop of rising profits in Italy's banking industry following recent reforms.
In 2024, Sergio Ermotti, CEO of UBS, topped the list of Europe's highest-paid bankers with a salary of 15.6 million euros, followed by Andrea Orcel of Unicredit at 13.2 million euros, marking a 32% increase. The average salary for CEOs of the top 10 European banks was 7 million euros, driven by exceptional profits from rising interest rates. Despite the substantial compensation, criticism arose regarding the high pay of bank executives, prompting Unicredit to defend Orcel's salary increase as essential for long-term commitment in a competitive market.
Sergio Ermotti, Chairman of UBS, topped the list of highest-paid bankers in Europe for 2024, earning 14.9 million francs. Following him is Unicredit's Andrea Orcel with 13.2 million euros, and Deutsche Bank's Christian Sewing at 9.8 million. Many banks benefited from rising interest rates, leading to increased profits and remuneration.
Andrea Orcel
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uniCredit prepares 14 billion euro bid for Banco BPM amid competition
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