Could Italy’s UniCredit reignite European banking?

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4 • 350 Ratings

🗓️ 9 October 2024

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

After the financial crisis, dealmaking among banks in different countries in Europe fell to a standstill. But recently, Italian lender UniCredit revealed that it had built up a stake in Germany’s Commerzbank, prompting discussions of a possible tie-up. EU policymakers and politicians believe cross-border deals like this could unlock European banking and make it more competitive globally. So why is there resistance? The FT’s European banking correspondent Owen Walker explains.

Clips from Bloomberg, BBC

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For further reading:

Andrea Orcel plots UniCredit’s boldest move yet on Commerzbank

Andrea Orcel, Commerzbank and the redemption trade

Europe’s most notorious banking dealmaker returns

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On X, follow Owen Walker (@OwenWalker0) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Transcript

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0:32.4	financial. Oracle. com slash financial.
0:35.0	Back in the spring, my colleague Owen Walker
0:41.0	had a warning of superlatives. It starts by stepping into the elevator
0:46.9	of a skyscraper in Milan. He rides up to the top floors of Italy's tallest building.
0:54.4	That's where he enters the executive level
0:56.8	of a bank called Unicredited, which is not only
0:59.6	Italy's second largest bank,
1:02.0	it's also at the time Europe's best performing bank and
1:05.7	inside he meets one of Europe's best known bankers and dealmakers.
1:10.3	Unicredits CEO Andrea O'Chel. Andrea O'Chel.
1:13.7	Andrea O'Chel is a kind of a big imposing guy.
1:16.7	He's got his jacket off.
	...

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