Andrea Orcel, CEO of UniCredit, returns to address the issue of M&A with other banks, which has always defined an accelerator for growth and not a goal to be achieved at all costs.
“There is a lot more value to be generated internally than by making acquisitions – Orcel told Andrea Ducci during the Uilca congress – the theme is quite simple: when I was appointed CEO, our market capitalization was 17 billion. And we quoted at almost 20-25% of the value of our capital, therefore of book value. We have a lot more value to generate internally than by making acquisitions. That is, we are not at the point where we are so efficient, so effective and the bank is functioning so well that to create more value I have to aggregate. I am still a long way from that, despite the progress we have all made together. So before derailing or delaying or putting our transformation at risk with any operation, we think a lot ”.
At 12.20 Italian time, UniCredit shares lost about 2.5%, to 10,386.