Latest news with #AndreaOrcel
CNBC
a day ago
- Business
- CNBC
Global week ahead: Banking bellwethers and a tariffs waiting game
Next week, the CNBC teams are back on the road – and it's all about the banks and the ECB. From Frankfurt to Milan, and Paris to London, the financials are in focus. The markets seem to be banking on the financial sector to keep up the positive earnings momentum this quarter. Citi described the first quarter as "remarkably resilient," with analysts now expecting Stoxx 600 earnings-per-share growth to turn positive year-on-year this quarter. Much of that optimism is centered on the big banks, while other sectors like luxury, autos and energy have been plagued by earnings downgrades. Unicredit kicks things off on Wednesday. The Italian banking giant will try to keep investors focused on the numbers, rather than its M&A ambitions. While its moves around Commerzbank have seen it increase its equity stake to 20%, Saxo Bank analysts highlight the uncertainty around its potential takeover of Banco BPM, after an Italian court blocked the move until further conditions are met. The stock is up over 50% so far this year, providing some cheer for CEO Andrea Orcel as he battles to keep his expansion plans on track. French financial BNP Paribas — the euro zone's largest lender by assets — reports earnings on Thursday. Last quarter, the bank soared past expectations driven by performance at its investment bank, but revised its profitability target slightly lower. On the same day, attention will turn to Frankfurt for Deutsche Bank's latest set of numbers. The German lender logged its best profit in 14 years last quarter, benefiting from increased trading volumes around the market volatility. CEO Christian Sewing told CNBC in June that he sees an opportunity for Europe to invest more in its own defense sector as a key growth area. For macro-watchers, the highlight of the week in Europe will come from the European Central Bank. President Christine Lagarde and her fellow policymakers are expected to keep rates on hold at 2% on Thursday. But there is a BIG catch… U.S. President Donald Trump's tariff threats are not expected to derail this meeting's outcome, according to Reuters, citing five ECB governing council member sources. But if Trump does push ahead with 30% tariffs on EU imports, there is a broad assumption the ECB will cut rates in response. Investors will have until Sept. 11 to assess the impact, as the ECB breaks for the summer after this week's meeting. In terms of the underlying economic conditions, Deutsche Bank warns that European inflation risks are "still being underestimated, with a remarkable complacency across key assets," with the tariff impact yet to fully trickle through. The bank's macro strategist also told CNBC's Squawk Box Europe that the Aug. 1 tariff deadline for negotiations between the U.S. and EU sets the stage for a late outcome to trigger a "very sharp market reaction."
Yahoo
4 days ago
- Business
- Yahoo
Commerzbank employees voice UniCredit deal concerns in Brussels
FRANKFURT (Reuters) -A delegation of employee representatives from Commerzbank met with members of the European Parliament to voice their concerns about a possible takeover by UniCredit, according to a social media post on Thursday and two people with knowledge of the matter. Italy's UniCredit last week doubled its shareholding in the German lender as it pushes for a tie-up between the banks, despite resistance from Commerzbank management, employees and the German government. "We made clear that a takeover would not be progress towards a European banking union," Commerzbank supervisory board member Nina Olderdissen said in a post on LinkedIn about the Brussels meetings. "What may seem like a step towards European integration actually harbors considerable risks for employees, customers and investors on both sides - without any discernible added value," she wrote. UniCredit first emerged as big investor in Commerzbank in September. Its CEO, Andrea Orcel, has said a deal "would create a new national banking champion for Germany", aiding "the revitalisation of the German economy".
Reuters
4 days ago
- Business
- Reuters
Commerzbank employees voice UniCredit deal concerns in Brussels
FRANKFURT, July 17 (Reuters) - A delegation of employee representatives from Commerzbank ( opens new tab met with members of the European Parliament to voice their concerns about a possible takeover by UniCredit ( opens new tab, according to a social media post on Thursday and two people with knowledge of the matter. Italy's UniCredit last week doubled its shareholding in the German lender as it pushes for a tie-up between the banks, despite resistance from Commerzbank management, employees and the German government. The outreach marks a new front in the defense against the advances of UniCredit, which first emerged as a big investor in Commerzbank in September. "We made clear that a takeover would not be progress towards a European banking union," Commerzbank supervisory board member Nina Olderdissen said in a post on LinkedIn about the Brussels meetings. "What may seem like a step towards European integration actually harbors considerable risks for employees, customers and investors on both sides - without any discernible added value," she wrote. Commerzbank and UniCredit declined to comment. Unicredit's CEO, Andrea Orcel, has said a deal "would create a new national banking champion for Germany", aiding "the revitalisation of the German economy".
CNBC
13-07-2025
- Business
- CNBC
Court scraps some of Rome's demands in UniCredit's BPM bid, keeps Russia exit
An Italian court has scrapped some of the conditions Rome had set to clear UniCredit's takeover offer for Banco BPM, except a request that it stop operating in Russia - which the Milan-based lender may struggle to comply with. The court's ruling published on Saturday fails to dispel uncertainty around the bid, which UniCredit first announced in November and formally launched in April, opening up a battlefront with Italy's conservative government. A representative for UniCredit said the government would now need to issue a new law decree. "UniCredit continues to evaluate the evolving situation and will take all relevant next steps in a timely manner," the spokesperson added. CEO Andrea Orcel was quoted as saying on Friday that a partial annulment of the government's decision could still leave the bank unable to pursue the offer. UniCredit's BPM bid is one of a dozen takeover offers reshaping Italian finance. Like BBVA's bid for Sabadell, which has met resistance in Madrid, it has seen the government emerge as a key player in banking consolidation. UniCredit also faces strong opposition from Germany's government over its investment in Commerzbank. Italy has invoked national security reasons for its decision, a stance that has drawn scrutiny from European Union authorities. "There can be no doubt about the properness" of the order to leave Russia, which is "totally legitimate," the court said in its ruling. Following supervisory demands, UniCredit has sharply cut its exposure to Russia, but it still runs a local subsidiary and needs approval from Russian authorities to leave the country. A Treasury official said Rome was satisfied with the ruling, since the court recognised as lawful the order to quit Russia, deemed the most important of the conditions. UniCredit has been told to cease its activities in Russia by early 2026, apart from payments handled for Western companies. The court axed a government's request that UniCredit keeps Banco BPM's loan-to-deposit ratio unchanged for five years, and that it maintains both its own and Banco BPM's project finance portfolios in Italy. It made non-mandatory a requirement for UniCredit to keep investments in Italian securities at BPM-owned fund manager Anima Holding. Italy set its terms in April using the government's so-called "golden power", which lets it intervene in transactions involving companies deemed strategic. UniCredit in November bid for Banco BPM after the latter became a shareholder in Monte dei Paschi di Siena, fuelling speculation that the government was advancing long-held plans to promote a combination of the two banks. Banco BPM has rejected UniCredit's approach as hostile and on Saturday it asked its suitor to clarify its intentions.
Mint
12-07-2025
- Business
- Mint
UniCredit Wins Partial Support in Legal Battle Over BPM Deal
(Bloomberg) -- An Italian court accepted some of UniCredit SpA's requests to annul conditions imposed on its bid for Banco BPM SpA, handing a partial victory to Chief Executive Officer Andrea Orcel in his plan to create the country's largest lender. The Administrative Court of Lazio lifted two conditions imposed by Prime Minister Giorgia Meloni's government on the deal, according to a ruling published on Saturday on the court's website. The prescriptions that will be canceled relate to the Italian government's request to lower the loan-to-deposit ratio at Banco BPM and UniCredit in Italy for five years, and to not reduce the current level of Banco BPM and UniCredit's project finance portfolio in Italy. The court decision can be appealed by the parties. Spokespersons for UniCredit weren't immediately reachable for a comment and a spokesperson for the Italian government declined to comment. The ruling is a crucial decision for a landmark deal that has undermined a competing effort by the government to build a new banking group to rival UniCredit and Intesa Sanpaolo SpA. It is only one of several competing bids currently ongoing among Italy's banks. Even if the outcome is a partial win for UniCredit, it isn't clear if the bank will continue to pursue its bid for Banco BPM. The offer period expires on July 23, and Orcel has warned the deal 'might fall through.' UniCredit unveiled its unsolicited all-share offer for Banco BPM in November, when it became clear that the Italian government was looking to build a large banking group around the formerly bailed-out Banca Monte dei Paschi di Siena SpA. Banco BPM was seen as a potential candidate to merge with Monte Paschi. Orcel escalated the standoff with the Italian government in May, when UniCredit said it planned to file a claim with the administrative court over the wide-ranging conditions imposed on a potential deal. The bank said at the time it wanted the court 'to address the reservations existing on the legitimacy' of those restrictions. In a move that could also affect the endgame over Banco BPM, Credit Agricole SA said Friday it is seeking to further increase its stake in Banco BPM, reinforcing its position as a major shareholder and potentially complicating UniCredit's effort to acquire the Italian lender. More stories like this are available on
