13/12/2024
Europe-based commercial bank UniCredit Group revealed a $10.5 billion all-share bid for Banco BPM S.p.A., a large bank in Italy, signaling a strategic pivot from its previously pursued acquisition of Germany’s Commerzbank. The move, led by UniCredit CEO Andrea Orcel, is part of the bank’s efforts to expand.
Under Orcel’s leadership, UniCredit has long coveted a Commerzbank acquisition to strengthen its operations in Germany and expand into Poland. However, political opposition in Germany, coupled with upcoming elections, has delayed progress.
“I don’t think this should have surprised anybody,” Orcel said in an interview with Bloomberg. “For a long time, we were clear on our strategy with respect to external growth.”
Written by Rina Samson
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