UniCredit's 'federal model' boosts its foreign subsidiaries, CEO says
MILAN (Reuters) -UniCredit has built a "federal model" as a pan-European bank with subsidiaries in each of its 13 markets that can act locally, CEO Andrea Orcel said, as he called on Europe to promote financial integration.
UniCredit to shift retrained staff from central offices to network, sources say
MILAN (Reuters) - UniCredit plans to invest significantly in the retraining of 600 staff who will then be largely moved to the Italian bank's branch network as CEO Andrea Orcel slims down central offices and powers the sales force, two sources said on Friday.
Unicredit sees Commerzbank takeover as 'a test case' for EU
The Italian bank Unicredit is keeping its options open after taking a stake in the German Commerzbank, but has not ruled out a merger of the two institutions. "Commerzbank is an investment. Nothing else," Unicredit chief executive Andrea Orcel said at a Bank of America conference in London on Wednesday. However, he said a merger with the Frankfurt-based company could become "a test case for Europe," which he believes needs larger banks. "We can come together and do something greater." Commerzbank is seen as a good strategic fit for the major Italian bank. The German banking market is fragmented and Unicredit has local...
Analysis-Germany talks tough but has limited room to halt UniCredit's advance on Commerzbank
BERLIN/FRANKFURT (Reuters) - UniCredit Chief Executive Andrea Orcel has succeeded in uniting Germany's political establishment in opposition to his stakebuilding in Commerzbank, the country's second largest lender.
Cost cuts in any Commerzbank merger would affect headquarters not branches, Unicredit CEO tells Economist
MILAN (Reuters) - Cost cuts at Commerzbank if UniCredit were to buy its German rival would mostly affect its head office not its branch network, UniCredit CEO Andrea Orcel was quoted as saying on Friday.