Orcel on a possible UniCredit interest in Commerzbank
After going there close during the Mustier management, carrying one step away from the acquisition of the second German bank, the name of UniCredit back to circulate in Germany among the possible buyers of Commerzbank. Ma Andrea Orcel puts it at the top of its list priority is the implementation of the industrial plan of the Piazza Gae Aulenti group presented at the market at the beginning of December.
“There have always been stati rumor on this topic, but the timing is fundamental and if on the one hand we will always evaluate the strategic options of M&A if they meet clear requirements, on the other hand we must focus on the implementation of the strategic plan since we do not want to disappoint the shareholders “, explained the CEO of UniCredit in an interview with the German weekly The mirror, commenting a possible interest of the institute in Commerzbank. To the interviewer who pointed out that the Teutonic group though “is on the market now, not in a few years “, Orcel then reiterated:” The fact remains that we must first implement our plan “.
“I would like to demonstrate – he added – that things are possible if we are disciplined, focused and decisive. If the context, starting from the Covid situation, will normalize, if we will increase revenues by 2% per year until 2024 e we will cut costs by 500 million we can do it “.
“We are examining everything – he said again – and if an area of the bank generates a return of less than 10% so we have to optimize. We simply have to be more efficient with capital for the benefit of shareholders “. The banker then recalled the reasons why it was not possible to conclude the acquisition of Mps (“We had agreed on clear fundamental principles and in the end it was not possible to find an agreement that respected these principles”, he explained) and reaffirmed the need to achieve greater efficiency by simplifying the central structures of the group, also in Germany.
On the macro front, Orcel noted that “any banker would trade the current situation“, even with the possibility of obtaining profits simply parking liquidity at the ECB, “with a world where interest rates are positive and the market works.”
“At the moment – according to Orcel – everything is still very fragile due to the pandemic and inflation, but when the European economy returns to significant growth, the ECB will be able to raise rates “and this” will be a good sign for everyone “. The banker then praised the Italian prime minister Mario Draghi, who showed “great skill” in making things happen: “I strongly believe that his attitude is standing international will be crucial for the development of Italy “, he remarked.
Orcel finally commented on his personal story, which saw a Spanish judge award him a maxi compensation of 68 million for non-employment as chief executive of Santander. When asked if this story could not feed the image of the “greedy banker“, Orcel replied:” It’s a personal affair, I had no choice. The contracts had been signed and in the end the result was decided by the Spanish justice. I’m just glad my rights have been recognized. “