Mid-sized Italian bank BPER
Banca said it had finalised a deal with Gardant, more
than a year after it first announced a partnership with the bad
loan specialist backed by U.S. investment fund.
Breakingviews
A man gets money from a cash machine in Rome, Italy, July 19, 2011.
MILAN (Reuters Breakingviews) - UniCredit’s new Chief Executive Andrea Orcel is a veteran dealmaker. Yet, the 19 billion euro bank’s lowly stock price gives him a dull knife with which to carve up any transactions. The banker needs to first improve returns at Italy’s second-largest lender, bolstering his M&A currency. Orcel’s best first deal is not to rush into one at all.
The Milan bank’s board recruited Orcel in January, after falling out with previous boss Jean Pierre Mustier. The Roman banker will start in the job once investors finalise the appointment Thursday’s annual meeting.