For Unicredit "Banco Bpm is "a closed chapter"The bank's CEO reiterated this, Andrea Orcell during the hearing in Parliamentary commission of inquiry on the banking system, in which he also stressed that Unicredit "does not pose a threat to national security" and is indeed an institution "with an Italian heart and an eye on Europe," which holds approximately 40 billion in Italian government bonds, more than any other Italian bank.
Orcel on Banco BPM: "Golden Power based on incorrect information"
Unicredit rejects the idea that “we could pose a security threat” of the country, Orcel forcefully stated, speaking of the reasons that pushed the bank to appeal to the Council of State against the TAR ruling on the Golden Power, which had only partially accepted the objections of Piazza Gae Aulenti. Precisely because of the application of special powers to the Banco BPM transaction, Unicredit decided to backtrack in July, withdrawing its offer.
The Golden Power was decided “on the basis of "incorrect information" provided by Banco Bpm, ha Orcel stated, adding that “The appeal to the Lazio Regional Administrative Court and then to the Council of State” was made “to protect the shareholders and the bank and to clarify the points based on incorrect information”.
Speaking specifically about the Piazza Meda transaction, Orcel added: "We saw this transaction as an opportunity to do and offer even more, applying our successful model and our significantly greater investment capacity to customers, families, and SMEs of another bank," he explained. "Given Banco BPM's complementarity with Unicredit, the acquisition would have generated great synergies and benefits for families, businesses, investors and for the entire country."
Orcel: "For us, Banco BPM is a closed chapter."
But today things have changed: "In life nothing is excluded, but for us the chapter is closed" on Banco Bpm, because "the shareholder structure has changed, we notice from the outside that there is a shareholder who de facto has relative control and therefore the possibility of evaluating a transaction in this situation and the value at which they are compared to us makes it no longer attractive."If there are other opportunities in Italy we will evaluate them but a return to BPM is excluded", added the CEO of Unicredit.
Despite the halt, Unicredit's strategy remains unchanged. "We had stopped our organic growth strategy and resumed it in July, and we are quite optimistic that we will continue," he added. "This does not mean that we wouldn't do something strategic in Italy if it were to arise and in fact the appeal to the Council of State serves to eliminate this uncertainty, but always according to our criteria". "Our preference continues to be for a negotiated and constructive solution", reiterated the CEO. "And our ambitions have not changed: the drive to grow and do more remains intact. For our group, this means redouble efforts on organic growth opportunities in Italy and create as much value as we would have generated if the acquisition of Banco Bpm had been successful."
Orcel: "Leaving Russia? It would benefit the country we don't want to help."
Among the conditions set by the Government with the Golden Power there was also exit from Russia by January 2026. "We have €3,7 billion in capital in Russia, which has accumulated because we can't get it out with the war. When they ask me, 'Why don't you close everything down?' I reply: 'Who benefits the next day? The country we don't want to help?'" Andrea Orcel explained during the hearing before the Parliamentary Commission of Inquiry into the Banking, Financial, and Insurance System.
“It is true that they can nationalize us, but it would be a legal infringement and I would get a perpetual credit – he added – If you want it you have to come and get it, morally it's the right thing to do".
Speaking about the residual business in the country, he noted that “Our country buys gas, how does it pay for it? Someone has to make the payment. If we ask them not to do it through us, it would go through China, for example. Sanctions-free trades still exist and are paid through Western networks. Furthermore, our country has companies in Russia with employees who must be paid salaries."
The manager added: "Russia has drastically rebalanced all payments, moving away from Swift and towards systems in China, India, and South Africa. We're staying, but we don't earn much from that; we do it as a service. We used to process 25 billion payments a quarter, today we do 8 billion, concentrated in two currencies, the euro and the dollar."
Orcel: "We are a pan-European bank, but with an Italian soul."
Orcel begins with himself, before talking about the bank he leads: "I'm an Italian citizen, born in Rome, a splendid city," he said, before quipping: "I remind my colleagues in Milan that, unfortunately, the best thing about Milan is the train to Rome."
The manager spoke of Unicredit, however, as a "unique reality, with the Italian heart and the gaze turned towards Europe. Over the last five years – he added – we have built a pan-European leadership, we are present in 14 key markets and close to over 20 million customers. From Italy to Germany, from Austria to Central and Eastern Europe and Greece, we are the only European bank capable of connecting and supporting so many local economies, creating value for our country, both at home and beyond. On the one hand, we accompany our Italian customers on their growth paths abroad, and on the other, we support our European customers who choose to operate in our country, facilitating their entry and helping them launch their businesses, thus developing the local economy,” he said.
Orcel: "Italy holds 45% of our balance sheet; we hold 40 billion in Italian government bonds."
"Our origins are Italian, like our DNA. We have been operating in this market and in this country for over 150 years," he emphasized. We allocate 45% of our budget to Italy – 30% to Germany and Austria, and the remaining 25% to Eastern European markets – we serve over 8 millions of customers through about 2.000 branches and digital channels, perfectly integrated with each other, and we are committed to leaving no one behind by ensuring access to services even in the most remote areas. We have not closed a branch in a remote area since I arrived here. Our shareholders include major foundations, business groups, pension funds, and thousands of small savers in our country, all of whom have benefited from the dividends and the strong appreciation of our share price."
"We hold approximately 40 billion euros in Italian government bonds, more than any other bank in the country and we are not the first bank, and we manage savings in Italy totaling over 500 billion of euros,” he continued. “We are committed to environmental and social issues: in the three-year period 2022-24, we provided green financing in Italy for approximately 11 billion euros, almost 7 billion euros in social finance. The penetration rate of new ESG financing in total medium-long term financing was high at approximately 27% at the end of the third quarter of this year.”
Still in Italy, in 2025, “Unicredit has launched an ambitious hiring plan. This year alone we have hired 1.000 people in Italy, including approximately 700 young people in the sales network. These numbers confirm the continuity of the investments initiated in previous years: since 2021, approximately 5.000 new people have joined our group.
“These numbers not only describe the strength of our origins, but demonstrate the conviction with which we continue to invest in our country”, Orcel said.
Orcel: "From Germany to Greece, opportunities to accelerate growth."
Continuing to talk about M&A, the number one of Unicredit explained: “Although organic growth is the priority, it is our responsibility to identify opportunities to accelerate this growth". Furthermore, "the bond with our country cannot become a limit, but it must be the competitive advantage that brings Italy to the world, beyond national borders".
“The acquisition of CNP Assurances and Allianz Vita in Italy, a €1,4 billion investment that will internalize the entire life insurance value chain, bringing approximately €45 billion of Italian savings back under our control. Internationally, the 26% stake in Commerzbank, with the option to increase it to 29,9%, already creates value for our shareholders and gives us strategic options to grow in Germany and Poland.”
“We then detected approximately 29,5% of Alpha Bank, one of Greece's leading banking groups, strengthening the strategic relationship between the two banks. The merger between UniCredit Bank and Alpha Bank Romania has further consolidated our position in Eastern Europe. Finally, the acquisition of Aion Bank and Vodeno aims to accelerate growth through technological innovation and expansion into new markets, including the possibility of re-entering Poland.
UniCredit announces €1,9 billion risk-sharing deal in Austria
And remaining abroad, Piazza Gae Aulenti announced today that Unicredit Bank Austria and Pggm have concluded a1,945 billion euro risk-sharing operation, relating to a portfolio of loans to businesses and SMEs, which will enable the bank to increase its financing. The transaction, called "Project Arts Belvedere 2025," marks UniCredit Bank Austria's return as an issuer to the significant risk transfer (SRT) market and further strengthens UniCredit's position as one of the most active and innovative SRT players in Europe.
