Andrea Orcel has seen UniCredit Group SpA’s share price more than treble in his first three years as the Italian bank’s chief executive officer. But Orcel isn’t running victory laps; nor should he be.
What the former head of UBS Group AG’s investment bank has achieved so far was the easy part. Finding low-risk, sustainable growth from here is no slam dunk. The bank has plenty of spare capital to both invest and keep shareholders happy with generous cash returns. There’s still a chance that Orcel, the career dealmaker, could try to land a splashy takeover to transform UniCredit, but he has a better chance of leaving a positive legacy by continuing to modernize its operations while keeping a tight lid on lending risk.
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