ECB and UniCredit clash over capital plans and Russia presence
The European Central Bank has clashed with UniCredit over the Italian lender’s plans to return cash to shareholders and its failure to leave Russia, according to people familiar with the matter.
The friction has built since chief executive Andrea Orcel took over in April 2021 and implemented an aggressive strategy to overhaul UniCredit’s operations and pay out more funds to shareholders.
The two sides have aired their opposing views in a series of letters, according to one person briefed on the matter, who said the relationship was “more than just a little bit strained”.
This story originally appeared on: Financial Times - Author:Olaf Storbeck
