Latest news with #AndreaOrcel
Yahoo
3 days ago
- Business
- Yahoo
UniCredit to raise stake in Greece's Alpha Bank
Italian banking group UniCredit has entered into financial instruments with primary investment banks for the acquisition of an additional 9.7% stake in Greece-based Alpha Services and Holdings, which is the parent company of the Alpha Bank Group. Alpha Bank Group offers a variety of financial products and services in both domestic and international markets. The transaction price reflects a discount compared to Alpha's previous closing share price, stated UniCredit. The physical settlement of these instruments is contingent upon obtaining the necessary regulatory approvals. Along the 9.6% currently held, UniCredit's overall positions in Alpha will total around 20%, enabling to equity consolidate and therefore 'better reflect the positive contribution of the strategic partnership', stated UniCredit. The bank plans to file the required regulatory documentation to secure a stake in Alpha that exceeds 10% and could reach up to 29.9%. This transaction is projected to yield an additional net profit of approximately €180m ($203m) annually, which UniCredit intends to distribute to its shareholders in accordance with its established distribution policy. UniCredit CEO Andrea Orcel said: 'This step strengthens our successful partnership with Alpha, which has already delivered value well in excess of expectations. And there is much more to come. We have confidence in Alpha's leadership, their strategy, and Greece's growth trajectory. 'Throughout this partnership, our engagement with Greece's government and leading institutions has been extremely positive. Their approach and support has contributed significantly to the partnership's success, and to this further investment.' The completion of the acquisition is anticipated by the end of 2025 and is expected to affect UniCredit's CET1 ratio by around 40 basis points. Last month, UniCredit announced it cannot finalise its public exchange offer for Banco BPM due to conditions set by the Italian government, outlined in a decree from the Presidency of the Council of Ministries under the Golden Power process. "UniCredit to raise stake in Greece's Alpha Bank" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
5 days ago
- Business
- Zawya
UniCredit doubles stake in Greek bank Alpha in latest M&A twist
MILAN - UniCredit has done a deal to double its stake to close to 20% in Greece's Alpha Bank , the Italian bank said on Wednesday, as it diverted its attention away from M&A stumbling blocks elsewhere. Last week UniCredit challenged in court government conditions hampering a bid for domestic peer Banco BPM , while its ambitions to tie up with Germany's Commerzbank are also on hold due to government hostility. UniCredit said it has used derivatives bought through leading investment banks to buy 9.7% of Alpha at a discount to the latest closing price. It already owned 9.6% of Alpha. "This step strengthens our successful partnership with Alpha", CEO Andrea Orcel said in a statement. The bank will now seek ECB approval for the deal which would allow it to cross the 10% threshold and reach a potential holding of up to 29.9%. UniCredit also used derivatives to acquire 28% of Commerzbank. It bought a stake in Assicurazioni Generali too, but Orcel on Tuesday ruled out a takeover offer for Italy's biggest insurer. It first invested in Alpha in late 2023, becoming its main shareholder by buying the 9% stake held by Greece's state-controlled bank bailout fund HFSF for 293.5 million euros ($332 million). The investment was part of a deal that saw UniCredit acquire most of Alpha's Romanian business and strike a commercial partnership to sell its own asset management products to the 3.5 million clients of Greece's fourth-largest bank. The increased holding will allow the bank to book the investment in a way that generates an additional net profit of around 180 million euros per year, UniCredit said, adding it would return that money to shareholders. The impact on UniCredit's core capital will be of around 40 basis points it said. ($1 = 0.8835 euros)
Reuters
6 days ago
- Business
- Reuters
UniCredit CEO rules out move on Generali
MILAN, May 27 (Reuters) - UniCredit Chief Executive Andrea Orcel ruled out on Tuesday the bank could make a play for Assicurazioni Generali ( opens new tab, Italy's biggest insurer in which it has recently acquired 6.7%. The stake, which UniCredit ( opens new tab has called a financial investment, the same description it has used for its 28% Commerzbank ( opens new tab holding, has raised speculation about Generali's future as the insurer cuts ties with its main shareholder. Generali's main investor, Mediobanca ( opens new tab, plans to dispose of its 13% stake under a scheme to fend off suitor Monte dei Paschi di Siena ( opens new tab. Mediobanca would use its Generali shares as payment to buy the insurer's private banking unit Banca Generali ( opens new tab. On Monday, Intesa CEO Carlo Messina said he would ring Orcel to dissuade him from a Generali acquisition were UniCredit to make a move for the insurer, opening up a third M&A front. UniCredit has launched a buyout offer for smaller rival Banco BPM ( opens new tab. Speaking at the same FABI union conference a day after Messina, Orcel was asked if there were any risks the Intesa CEO would have to make that phone call. "Absolutely not," Orcel said. Orcel also played down any potential interest for Banca Generali, saying such networks of financial advisers traded at valuation multiples much higher than banks and a combination with a branch franchise would offer little scope for cost savings. Orcel said distribution was a key element of wealth management and it made sense for a bank to hold onto any distribution capacity, but he added that Generali may have different strategies in parting ways with Banca Generali. Asked if UniCredit, as an investor in Generali, supported the Banca Generali deal, Orcel said the decision would be taken by the insurer's board and not be put to its shareholders. However, some other Generali shareholders have raised doubts about whether the decision can be left solely to the board, without a shareholder vote.
Reuters
6 days ago
- Business
- Reuters
UniCredit offers concessions in bid for EU nod for Banco BPM deal
BRUSSELS, May 27 (Reuters) - Italian bank UniCredit ( opens new tab has offered concessions in an attempt to secure EU antitrust approval for its acquisition of Banco BPM ( opens new tab, according to an updated filing on the European Commission website. UniCredit put in its offer on Monday, the filing showed, without providing details in line with the EU competition enforcer's policy. The EU executive, which acts as the competition watchdog for the 27-country bloc, may seek feedback from rivals and customers before deciding whether to accept the concessions, demand more or open a full-scale investigation. It is set to wrap up its preliminary review of the deal by June 19 or it may hand the deal over to a national antitrust agency to examine following a request from the unnamed agency. Earlier on Tuesday, UniCredit CEO Andrea Orcel said the bank will not complete the deal unless the Italian government changes the conditions it has set for it, which UniCredit has challenged in court.
Yahoo
6 days ago
- Business
- Yahoo
UniCredit offers concessions in bid for EU nod for Banco BPM deal
BRUSSELS (Reuters) -Italian bank UniCredit has offered concessions in an attempt to secure EU antitrust approval for its acquisition of Banco BPM, according to an updated filing on the European Commission website. UniCredit put in its offer on Monday, the filing showed, without providing details in line with the EU competition enforcer's policy. The EU executive, which acts as the competition watchdog for the 27-country bloc, may seek feedback from rivals and customers before deciding whether to accept the concessions, demand more or open a full-scale investigation. It is set to wrap up its preliminary review of the deal by June 19 or it may hand the deal over to a national antitrust agency to examine following a request from the unnamed agency. Earlier on Tuesday, UniCredit CEO Andrea Orcel said the bank will not complete the deal unless the Italian government changes the conditions it has set for it, which UniCredit has challenged in court. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
