UniCredit, if the supervisory rules push credit more to Germany than to Italy

To relaunch the group’s revenues, the new UniCredit CEO Andrea Orcel is (also) focusing on credit growth. But paradoxically, more than Italian companies, German and Central Eastern European companies could benefit from the expansion of loans from the pan-European banking giant.

A perspective that does not depend on a strategic choice by UniCredit but on the rules of banking supervision. The issue concerns the absorption of capital relating to bank loans. A level that …