UniCredit pivots to targeting distributions
UniCredit’s plan until 2023, revealed in London on Tuesday, involves rewarding shareholders with larger distributions on the back of a growth in revenue. The payment of these distributions will be given greater protection, thanks to the creation of a new intermediate holding company to lessen the bank’s regulatory capital burden. Meanwhile, chief executive Jean Pierre Mustier was clear that large M&A does not form part of the bank’s plans.
UniCredit is calling its plan for the next few years Team 23. After a couple of years focusing on reducing non-performing exposures and strengthening the common equity tier one (CET1) base, the Italian lender is shifting its attention towards increasing distributions to shareholders.From a capital distribution ...
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