Financial TimesFinancial Times

ECB and UniCredit clash over capital plans and Russia presence

By Olaf Storbeck, Martin Arnold and Silvia Sciorilli Borrelli

06 Nov 2022 · 3 min read

Editor's Note

UniCredit is currently in a war of words with the ECB. As the Financial Times reports, the clash shows that the central bank is taking a tougher stance towards lenders as a recession looms.

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.

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