UniCredit’s Board of Directors is exerting pressure on CEO Andrea Orcel for more comprehensive and regular updates on his approach to mergers and acquisitions (M&A), reported Reuters.
Despite the bank’s investment in various competitors, it is yet to secure any significant deals.
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According to four people familiar with the matter, this led to internal discussions about the potential appointment of a general manager to oversee such activities.
The CEO has expressed concerns to the board about the impact of their frequent requests for detailed reports and strategy briefings on both his schedule and the workload of the internal M&A team.
In response to comments, UniCredit has reiterated its support for the CEO’s delegated authority over M&A, a mandate that was expanded upon Orcel’s arrival to allow him to make certain decisions independently of the board.
UniCredit’s board has been taking a closer look at Orcel’s complex M&A strategy since earlier this year, the news agency said.
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By GlobalDataReuters quoted chairman Pier Carlo Padoan as saying: “The CEO and the board meet regularly and discuss all aspects of the UniCredit strategy, including any M&A activity.
“These discussions are lengthy and fulsome, with the necessary depth that would be expected from a company of our size dealing with issues of such significance.
“The hiring of a general manager has never been discussed and is not felt needed.”
Despite the increased scrutiny, Padoan stated that the board was fully informed and supportive of the group’s growth trajectory and management decisions.
In September 2025, Orcel identified Poland as a key area of interest for prospective M&As, adding to the bank’s focus on its existing markets in Italy and Germany, as per reports from Reuters.
Orcel has recently indicated that while UniCredit is not actively pursuing any transactions at present, it remains poised to capitalise on any suitable opportunities that may arise.
He also mentioned that the bank has reduced net exposure to Italian insurer Generali to below 2% through hedging strategies, describing the stake as a temporary financial investment.
UniCredit reported a net profit of €2.6bn in the third quarter of 2025 and a total net profit of €8.7bn for the first nine months of the year.
