UniCredit boss announces resignation – news.ORF.at

UniCredit boss announces resignation – news.ORF.at
UniCredit boss announces resignation – news.ORF.at
UniCredit boss Jean Pierre Mustier is leaving the major Italian bank. It has become clear in recent months that his ideas on strategy are not in line with those of the Board of Directors, Mustier said yesterday evening.

He and the bank agreed that he would leave after his contract expired in April. The Reuters news agency recently learned from insiders that Mustier had to fear his extension. Since taking office in mid-2016, the Frenchman had brought the institute back on track with a radical austerity program.

Conflict with board of directors

The core of the conflict with the board of directors was a possible bid for Monte dei Paschi di Siena and the plan to separate the Italian business and the foreign business of UniCredit, Reuters learned from insiders. Mustier wanted to keep UniCredit out of the merger carousel in Europe and, according to insiders, has resisted the takeover of Monte Paschi.

But Italian politicians are urging him to place a bid for the oldest bank in the world. This groans under a mountain of bad loans and expensive legal disputes, but has to be privatized again according to the requirements of the EU. Mustier has set strict conditions for any deal, the insiders said.

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