Orcel, after Bpm in Italy changed course, organic growth plan
The CEO on Bloomberg TV on the proposed merger of Credit Agricole with Banco Bpm
Quick Look
Unicredit CEO Andrea Orcel, speaking to Bloomberg TV on the proposed Credit Agricole-Banco Bpm merger, explained that the acquisition of Bpm did not go as expected and that the bank is now aiming for organic growth in Italy.
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Why It Matters
Unicredit had launched a takeover bid on Banco Bpm, which was later withdrawn also following the government's golden power.
"At the time we thought that the acquisition of BPM was a good deal. But it didn't happen that way. We completely changed course. As you know, Italy strengthened its organic growth plan and communicated to everyone, or made everyone understand, that we could achieve the same results, or even more, with organic growth."
The CEO of Unicredit, Andrea Orcel, explains this to Bloomberg TV in relation to a question on the proposed merger of Credit Agricole with Banco Bpm on which Unicredit launched a public offer, which was later withdrawn also following the government's golden power.
“From August to August, our market share in the target segments in Italy increased by 130 basis points,” recalls Orcel.
Open Questions
- What will be Unicredit's next strategic targets?
