Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2022 11 06T222127Z 1 LYNXMPEIA509D RTROPTP 4 UNICREDIT RESULTS - Business Express
FILE PHOTO: A view of the UniCredit headquarters in Milan, Italy March 2, 2020. REUTERS/Yara Nardi

ECB, UniCredit clash over capital plans, Russia presence, FT says

(Reuters) – The European Central Bank (ECB) has clashed with UniCredit over the Italian lender’s plans to return cash to shareholders and its failure to leave Russia, the Financial Times reported on Sunday.

The ECB had objected to UniCredit’s commitment to distribute 16 billion euros ($15.85 billion) to shareholders by 2024, saying the move ran contrary to official guidance that “banks should not set their dividend policies in terms of absolute amounts”, the newspaper said, citing people briefed on the discussions.

The report further said that, there is also tension over UniCredit’s failure to cut ties with Russia, as the ECB views the bank’s Russian presence as an unwelcome source of risk and has been pushing it to exit the country.

UniCredit last month said it expected a 400 million euro contribution from the ECB’s longer-term funds this year under the central bank’s new terms, while it no longer saw any potential benefits next year.

The ECB and UniCredit did not immediately respond to Reuters’ request for comment.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

($1 = 1.0094 euros)


(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Paul Simao)


Recent Post: