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...UniCredit said in a statement that after a series of “damaging” leaks, the board had “conducted a thorough internal audit”....
...UniCredit has recently begun a round of shareholder meetings ahead of the annual general meeting in the spring....
...Including the payout announced on Monday, UniCredit has returned €17.6bn to shareholders since he took the top job....
...Italian banks UniCredit and Intesa Sanpaolo have reached 13 and nine-year highs respectively....
...UniCredit pulled back from the deal....
...Banco BPM or Monte dei Paschi both remain options for UniCredit’s domestic expansion....
...The figure for UniCredit stands at €1.1bn. UniCredit shares have re-rated this year thanks to self-help and higher rates. It plans to compensate for peaking NIMs with steeper fees....
...UniCredit opted to set aside €1.1bn rather than pay €400mn in one-off taxes....
...UniCredit reports third-quarter earnings on Tuesday. This article has been amended to reflect the countries where UniCredit has operations....
...The turnaround follows a controversial capital increase in November 2022, which was forced upon the bank after a merger with Milan-based UniCredit collapsed....
...A mooted deal with UniCredit fell through in 2022. Mid-sized lenders BPER and BPM have since been touted as partners....
...All of that runs deep,” said Justin Bisseker, banking analyst at asset manager Schroders, which is a top-10 investor in Intesa and one of the largest 15 shareholders in UniCredit....
...So it is over at Italy’s UniCredit, where former UBS banker Andrea Orcel holds the reins....
...“We are all on the same boat,” said Davide Serra, founder and chief executive of Algebris, which is an investor in UniCredit....
...Like many rivals, UniCredit has been a beneficiary as the European Central Bank has lifted interest rates in a bid to tame inflation....
...UniCredit shareholders — who will need to vote on the new remuneration package at the next AGM — may look on such concerns with benevolent eyes....
...UniCredit’s share price has almost doubled since Orcel took over, with profits climbing to €6.5bn last year....
...UniCredit investors are broadly satisfied with Orcel’s performance as they begin to reap profits after years of restructuring under his predecessor, Jean Pierre Mustier....
...patrick.jenkins@ft.com Letter in response to this column: UniCredit piece contained ‘several fundamental flaws’ / From Professor Pier Carlo Padoan, Chairman, UniCredit, Milan, Italy...
...The 2023 guidance includes UniCredit’s Russian activities....
...UniCredit declined to comment....
...UniCredit revenues were €1bn or a quarter higher than the fourth quarter of last year, and net interest income (NII) was 40 per cent higher....
...UniCredit ended up pulling out of the deal....
...The European Central Bank has clashed with UniCredit over the Italian lender’s plans to return cash to shareholders and its failure to leave Russia, the world’s leading semiconductor producer, TSMC, is battling...
...UniCredit’s was up 5 per cent despite a one-off hit. The trend is set to continue as the interest rates rise....
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