Unicredit boss Andrea Orcel expresses interest in acquisitions in Germany

Andrea Orcel

According to financial circles, the Unicredit boss exchanged views with Commerzbank boss Manfred Knof around the turn of the year.

(Photo: Marc-Steffen Unger for Handelsblatt)

Frankfurt CEO Andrea Orcel wants to expand Unicredit’s business in Germany and is flirting with acquisitions. The institute is growing organically with its subsidiary Hypo-Vereinsbank (HVB) in Germany and can continue to do so, Orcel told the Handelsblatt. However, mergers and acquisitions could “be an accelerator and create value under the right conditions. A significant increase in our market share in Germany would be good for Unicredit as a whole.”

Unicredit is a pan-European bank but still generates 40 to 45 percent of its revenues in Italy, Orcel said. “My major goal is to further diversify our sources of income in order to become a fully developed European bank.” The long-standing investment banker would therefore prefer to strengthen business outside of Italy with takeovers.

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