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The European Commission is challenging Italy's use of "golden powers" to screen bank acquisitions, which could limit the government's ability to vet strategic corporate takeovers. This scrutiny comes as Italy prepares to conditionally approve UniCredit's bid for Banco BPM. The EU is seeking clarity on Italy's application of these rules, which have increased regulatory burdens for firms despite the European Central Bank overseeing banking supervision.
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 has warned that the European Central Bank (ECB) may take further action if it deems the bank has not sufficiently reduced its operations in Russia. The Italian bank noted that a complete loss of its Russian unit could slash its 2024 profit by more than half, while the impact on its core capital ratio would be minimal. CEO Andrea Orcel stated that UniCredit is working to comply with ECB demands, despite challenges posed by Russian law and international sanctions.
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.
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.
Credit Agricole has increased its stake in Banco BPM, complicating UniCredit's upcoming €14 billion tender offer set for April 28. UniCredit's bid, cleared by Consob, will run until June 23, while Credit Agricole aims to maintain its commercial interests in Italy amid ongoing M&A activity in the banking sector. UniCredit's CEO, Andrea Orcel, has invited BPM investors to discussions, emphasizing the need for equal treatment of shareholders.
UBS plans to cut nearly 30% of its workforce in Italy, amounting to 180 jobs in wealth management, group functions, and securities custody, while investment banking remains unaffected. This move is part of a broader cost-cutting initiative following the acquisition of Credit Suisse, aiming to save around $13 billion by 2026. Currently, UBS employs 602 people in Italy, with potential job losses expected to reach tens of thousands globally.
UBS plans to cut 180 jobs in Italy, approximately one-third of its workforce, as part of a restructuring effort. The majority of the reductions will occur at UBS Europe SE's Italian branch, affecting 162 positions, while UBS Fiduciaria will see 18 jobs eliminated. The bank emphasized that Italy remains a key area for future growth.
UBS plans to cut approximately one third of its workforce in Italy, totaling 180 jobs. The reductions will primarily impact the Italian arm of UBS Europe SE, with 162 positions affected, while UBS Fiduciaria will see 18 job losses. Centralization of functions and a focus on global wealth management are driving these cuts, leaving investment banking roles untouched.
Valentina Za
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Banca Generali S.p.A.
Banco BPM S.p.A.
Anima Holding SpA
Commerzbank AG
UniCredit S.p.A.
ITA
FRA
DEU
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Elaine Hardcastle
Andrea Mandala
Andrea Orcel
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unicredit to launch buyout offer for banco bpm amid credit agricole stake increase
Euro
CREDIT AGRICOLE
Amundi S.A.
Banco BPM S.p.A.
Banca Monte dei Paschi di Siena
UniCredit S.p.A.
ITA
FRA
Valentina Za
Louise Heavens
Giulia Segreti
Andrea Orcel
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09:12 02.04.2025
uniCredit prepares 14 billion euro bid for banco BPM amid credit agricole stake increase
Euro
CREDIT AGRICOLE
Banca Generali S.p.A.
Banco BPM S.p.A.
Anima Holding SpA
Commerzbank AG
UniCredit S.p.A.
ITA
FRA
DEU
Valentina Za
Andrea Orcel
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08:14 02.04.2025
ubs to cut 30 percent of jobs in italy amid cost reduction efforts
United States Dollar
Credit Suisse Strategic Income I
CHE
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Ralf Bode
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07:09 02.04.2025
ubs plans to cut 180 jobs in italy as part of restructuring
18:18 01.04.2025
ubs plans to cut 180 jobs in italy affecting one third of workforce
18:18 01.04.2025
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