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UniCredit had been discussing possible MPS deal Treasury official says Orcel ‘well regarded’ in Rome (Adds Santander, Orcel lawyer on lawsuit)
MILAN, Jan 26 (Reuters) - UniCredit is set to name Andrea Orcel as chief executive, a person familiar with the matter said on Tuesday, putting one of Europe’s best-known dealmakers at the helm just as the coronavirus crisis is pushing banks to merge.
Orcel’s nomination would mark a return to the top tier of finance for the Italian, who left his senior investment banking role at UBS in 2018 to run Santander, only for the Spanish bank to rescind the offer in a row over pay.
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LONDON/MILAN (Reuters) - Italy is working on a plan to take on about 14 billion euros ($17 billion) of UniCredit’s impaired loans to make a takeover of state-owned Monte dei Paschi more attractive for the country’s second-biggest bank, sources told Reuters.
FILE PHOTO: A sign of the Monte dei Paschi bank is seen in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi
Bad loan manager AMCO, which is backed by Rome and run by former UniCredit executive Marina Natale, is looking to hoover up around 60% of UniCredit’s problem debts while also ridding Monte dei Paschi of some high-risk loans, two sources said on condition of anonymity.