UniCredit SpA (CRIN.HM)
- Reuters
UniCredit CEO Orcel attended virtual meeting with Commerzbank, source says
UniCredit chief Andrea Orcel attended a virtual meeting the Italian bank held on Friday with Commerzbank after becoming the German lender's biggest private investor, a source with knowledge of the matter told Reuters. Commerzbank's designated CEO Bettina Orlopp was also present on Friday's conference call, which a UniCredit source had previously described as the kind of meeting companies hold with their investors. UniCredit declined to comment.
- Reuters
UniCredit to shift retrained staff from central offices to network, sources say
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. Italy's second-biggest bank started talks with unions on Sept. 6 over 1,000 voluntary early retirements and the reskilling of 600 staff. The moves come after Orcel said it was time to lighten the central offices after earlier cuts hit the network.
- Reuters
Factbox-What might a combination of UniCredit and Commerzbank look like?
Executives from UniCredit and Commerzbank held their first meeting on Friday, after the Italian bank this month emerged as the biggest investor in its German peer with a nearly 21% stake, subject to supervisory approval. At 61 billion euros ($68 billion), UniCredit's market value is roughly three times Commerzbank's 19 billion euros. Shares in Germany's second-biggest publicly-listed bank have gained 30% since UniCredit unveiled its initial holding on Sept. 10, as markets bet on a full takeover.
