Andrea Orcel, CEO of UniCredit (CRDI.MI), is under renewed pressure from the bank’s board as tensions rise over the scope and transparency of his dealmaking strategy, Reuters reports.
🔹 Board Oversight Intensifies
Sources say directors have demanded more frequent updates on M&A moves following stalled ambitions involving Banco BPM and Commerzbank.
Some board members floated reinstating a General Manager role — a position scrapped in 2019 — to balance Orcel’s wide-ranging authority.
Chairman Pier Carlo Padoan, however, rejected the idea, insisting,
“The hiring of a General Manager has never been discussed and is not felt needed.”
🔹 Orcel’s Expansive Mandate
Since 2021, Orcel has held delegated M&A powers, enabling him to pursue strategic investments without prior board approval — a rare latitude among European banks.
He recently disclosed that UniCredit’s exposure to Generali has been hedged below 2%, emphasizing flexibility over expansion.
🔹 M&A Pause, Not Retreat
“We’re not actively working on any deal, but we can seize opportunities,” Orcel said.
While higher rates, cost discipline, and shareholder payouts have powered an 8x rise in UniCredit’s share price, internal debate continues over how far Orcel’s autonomy should go in shaping the bank’s consolidation agenda.