UniCredit CEO Andrea Orcel wants to return 16 billion euros to shareholders by 2024, more than half its market value. Such bold pledges, underpinned by buoyant European growth, will delight long-suffering investors, writes LJucca
UniCredit on Dec. 9 pledged over 16 billion euros in dividends and buybacks between 2021 and 2024, while maintaining or exceeding a Common Equity Tier 1 ratio of 12.5% to 13%.
Under Chief Executive Andrea Orcel’s first strategic plan, the Italian bank said it was aiming for more than 4.5 billion euros of net profit in 2024, and a return on tangible equity of 10% after excluding hybrid instruments and other items. The bank also pledged to deliver 500 million euros of net cost reductions and 1.1 billion euros of additional net revenue by 2024.
Talks between UniCredit and the Italian government over the acquisition of troubled state-controlled Banca Monte dei Paschi di Siena collapsed in October.Source: IFR/Simon Wagner/Handout Andrea Orcel poses with IFR's 'Bank of the Year for 2015' award at the 2016 IFR Awards event in London, Britain in this handout photograph shot January 27, 2016 and provided to Reuters January 22, 2020.
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