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ING Groep is in early discussions with Italy's Banca Popolare di Sondrio as part of its European expansion strategy, although no formal offer is expected. This potential bid would compete with BPER Banca's recent €4.3 billion all-share offer for Sondrio, which is also under defensive strategies against takeover attempts.
UniCredit has received ECB approval for its bid to acquire Banco BPM, amidst a wave of hostile offers in the Italian banking sector, which is experiencing record profits due to high interest rates. The bank plans to issue shares to fund the bid, with regulatory clearance expected soon, although a tender launch may be delayed by a month. Meanwhile, BPM faces challenges with its Anima acquisition following a negative ECB assessment, which could impact its profitability and capital levels.
Carlo Cimbri, Chairman of Unipol Group, suggested that Dutch bank ING may be considering a bid for Popolare di Sondrio, referencing the bank's orange color during a recent meeting. Unipol, a major shareholder in both BPER and Pop Sondrio, supports BPER's bid but remains open to other offers, acknowledging foreign interest in the bank. Cimbri emphasized that Unipol prioritizes its interests and is receptive to any compelling proposals.
Banco BPM's CEO Giuseppe Castagna dismissed UniCredit's concerns regarding the bank's lending capacity following a regulatory setback related to the Anima acquisition. Despite a negative opinion from the ECB affecting capital ratios, Castagna assured that current and projected capital levels remain adequate for continued lending. UniCredit, preparing a bid for BPM, emphasized that the ECB's stance supports the premium in its offer.
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's CEO Andrea Orcel stated that the bank will only pursue a buyout of Banco BPM if the terms are favorable, emphasizing the importance of a sensible deal. He confirmed guidance for a 2025 net profit matching last year's record and highlighted the bank's strong performance since 2021, having returned €26 billion to investors. Recent developments have negatively impacted Banco BPM's share price, as the European Central Bank expressed concerns over its acquisition of Anima Holding, affecting investor expectations for a higher premium.
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.
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 stated that the bank will only pursue a buyout of Banco BPM if the terms are favorable. He emphasized that UniCredit has outperformed other European banks since 2021 and is well-positioned for future challenges, even if it remains independent.
UniCredit's CEO Andrea Orcel stated that the bank will only pursue a buyout of Banco BPM if the terms are favorable. He emphasized that UniCredit has outperformed other European banks since 2021 and is well-positioned for future growth, even as a standalone entity.
Valentina Za
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