Unicredit : Solid credit, but uncertain newsflow leads us to prefer Intesa and Banco BPM
Just as we were finalising our report, speculation intensified on Friday about an imminent offer by Unicredit for Banco BPM. We do not control the timing, but this scenario is credible and would make sense. We consider the 2024 strategic plan presented by Unicredit last December to be a plan B whose objectives may be radically modified before completion. Plan A was an acquisition, since Andrea Orcel’s track record speaks for itself, even if he claims not to want an M&A deal at an...Unicredit is a pan-European commercial banking group based in Italy. Co. is engaged in the provision of in-branch and online corporate and investment banking services, providing customers with access to banks in 14 core markets as well as to an another 18 countries worldwide. Co.'s operations are organized along six business lines: Commercial Banking Italy; CEE Division; CIB; Commercial Banking Germany; Commercial Banking Austria; and Asset Gathering. Co.'s European banking network includes Italy, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Slovakia, Slovenia, Serbia and Turkey.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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