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UniCredit will wait until the end of June to decide on its proposed buyout bid for Banco BPM, according to a source close to the bank. The decision will align with the terms of its offer, which is set to launch on April 28, contingent on changes made by Banco BPM regarding its acquisition of Anima Holding.
UniCredit will wait until the end of June to decide on its proposed buyout bid for Banco BPM, according to a source close to the bank. The decision will align with the terms of its offer, and no action will be taken before that date. A tender offer is set to launch on April 28, contingent on conditions related to Banco BPM's acquisition of Anima Holding.
UniCredit shareholders approved the bank's pay policy for 2024-2025, despite governance advisers recommending rejection due to CEO Andrea Orcel's significant pay increase. Orcel's compensation rose by 30% to 13.2 million euros last year, with potential earnings of 16.4 million euros in 2025 if targets are met. Approval rates for the pay packages dropped sharply, from 88% to 66.5% for 2025 and from 88% to 65.6% for 2024.
UniCredit CEO Andrea Orcel confirmed the bank's compliance with the European Central Bank's (ECB) requests regarding the reduction of its Russian business, stating they are ahead of some deadlines. However, UniCredit has challenged the ECB's stringent deadlines in court, arguing that compliance could conflict with Russian law and international sanctions. In the fourth quarter, the bank reported an 8% increase in cross-border payments with Russia, totaling 9.8 billion euros, attributed to one-off debt repayments from Western companies.
UniCredit's CEO, Andrea Orcel, confirmed the bank's compliance with the European Central Bank's (ECB) requests regarding the reduction of its Russian business, stating they are ahead of some deadlines. However, UniCredit has legally challenged the ECB's stringent deadlines, arguing that compliance could conflict with Russian law and international sanctions. In the fourth quarter, the bank reported an 8% increase in cross-border payments with Russia, totaling 9.8 billion euros, attributed to one-off debt repayments from Western companies.
Gianluca Semeraro
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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