The suave Italian banker who wants to be the Jamie Dimon of Europe
Subscribe to enjoy similar stories. Andrea Orcel made his name helping banks choose the moment to pounce on a rival. Last week, the CEO of Italy’s deal-hungry UniCredit made his own move on Germany’s Commerzbank.
Teeing up a possible takeover, UniCredit bought 9% of Commerzbank’s shares, half of them from the German government. His vision: build a European champion, capable of financing people and companies across the region seamlessly and profitably—and take back business lost to American rivals as Europe’s banking industry emerges from a dire decade. Orcel is a celebrity in European banking circles, with a suave personality and colorful history of big pay days.
His botched job move from UBS to Banco Santander in 2019 ended with a lawsuit in his favor and a soured relationship with a Spanish banking dynasty. Known for wearing a bright red gilet under his well-fitted suits, Orcel made an unexpected comeback joining UniCredit in 2021 and oversaw a quadrupling in its share price. A full merger between UniCredit and Commerzbank isn’t a certainty, but it is an option, Orcel told Bloomberg Television Thursday.
“Europe needs stronger banks," he said. The European Union has stitched together the economies of more than two dozen nations, but retains a Balkanized banking industry. Unlike the U.S., where megabanks like JPMorgan Chase easily operate across state lines, European banks are hemmed in by national interests and rules that make moving capital across borders difficult.
The eurozone crisis last decade hobbled the region’s lenders, especially Italy’s big banks. The outcome of Orcel’s efforts depends on the German government and regulators warming to a merger, among other factors. Orcel said UniCredit has been transparent
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