Could Italy’s UniCredit reignite European banking?

意大利的联合信贷能否重燃欧洲银行业的活力?

Behind the Money

2024-10-09

18 分钟
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After the financial crisis, dealmaking among banks in different countries in Europe fell to a standstill. But recently, Italian lender UniCredit revealed that it had built up a stake in Germany’s Commerzbank, prompting discussions of a possible tie-up. EU policymakers and politicians believe cross-border deals like this could unlock European banking and make it more competitive globally. So why is there resistance? The FT’s European banking correspondent Owen Walker explains.  Clips from Bloomberg, BBC  - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Andrea Orcel plots UniCredit’s boldest move yet on Commerzbank Andrea Orcel, Commerzbank and the redemption trade Europe’s most notorious banking dealmaker returns - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow Owen Walker (@OwenWalker0) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
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  • Back in the spring, my colleague Owen Walker had a morning of superlatives.

  • It starts by stepping into the elevator of a skyscraper in Milan.

  • He rides up to the top floors of Italy's tallest building.

  • That's where he enters the executive level of a bank called Unicredit,

  • which is not only Italy's second-largest bank,

  • it's also, at the time, Europe's best-performing bank.

  • And inside, he meets one of Europe's best-known bankers and dealmakers, Unicredit CEO Andrea Orcel.

  • Andrea Orcel is a big, imposing guy.

  • He's got his jacket off.

  • He's got his sleeves rolled up.

  • He's got that big bright smile,

  • but he's also known and described often as a kind of a chess player who's thinking three or four moves in advance.

  • That sort of strategic thinking propelled Unicredit's share price to more than quadruple in the last few years