Golden Power, Orcel: "OPS on BPM Not Worthwhile Under Current Conditions"

(Alliance News) - No call from Carlo Messina, CEO of Intesa Sanpaolo, will be necessary: Andrea Orcel has no intention of targeting Generali.

"We can absolutely rule that out," the UniCredit CEO stated during the 129th National Council of the Fabi union, firmly denying rumors suggesting UniCredit's interest in Italy's leading insurer.

UniCredit is already focused on the public exchange offer launched on November 24 for Banco BPM. Six months on, the operation remains in its early stages, and the deadline of June 23--already postponed to the end of July--now risks further delay due to appeals to the Administrative Regional Court (TAR) and potential subsequent challenges before the Council of State.

"It is a sound operation, both industrially and strategically," Orcel said, but added that it is hindered by "differing visions" and the uncertainties of administrative justice.

The CEO also highlighted UniCredit's shift in strategy: "We are opening new branches and now hold more government bonds than any other Italian bank, including Intesa."

The sector's ongoing restructuring was also addressed by Gianni Franco Papa of BPER Banca and Giampiero Maioli of Crédit Agricole Italia. Papa discussed the acquisition of Sondrio, which will bring assets to EUR 400 billion, "while maintaining a popular DNA." Maioli emphasized Crédit Agricole's prudent approach as a 20% stakeholder in Banco BPM, noting, "We have never been hostile: a wise choice."

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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