Mustier will unveil his new strategic plan on Dec. 13.
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Mustier is also looking to reduce the group's exposure to Italy.
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Mustier arrived at UniCredit in mid-2016 to turn it around.
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LONDON (Reuters Breakingviews) - Jean Pierre Mustier can't be faulted for his ambition.
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The bank has been run by Mustier, a Frenchman, since July 2016.
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Members consider it a scruffier, more bohemian version of mustier clubs uptown.
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Mustier reiterated the bank wanted to strengthen and optimise its capital base.
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"Let's say we're obsessed with balance-sheet asset quality," Mustier told analysts.
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Mustier may be next in line if Commerzbank's talks with Deutsche fail.
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Mustier said the reduction would be achieved through sales, recoveries and write-offs.
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The decision awaits Jean-Pierre Mustier, who becomes chief executive on July 12th.
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A source familiar with the matter confirmed to Reuters Mustier is a candidate.
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Mustier has been prowling the European banking universe for a partner for a while.
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Mustier is not the only member of the financial community to rail against Facebook.
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"There has been no new request from the ECB," the source quoted Mustier as saying.
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The group will not inject additional resources into Italian bank bailout fund Atlante, Mustier said.
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Mustier left SocGen in 2009 after the French market watchdog accused him of insider trading.
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UniCredit has been restructuring its business since Mustier took over as CEO in mid-2016.
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Mustier told reporters that the problems of Monte dei Paschi would not upset UniCredit's plans.
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"We demonstrated our plan is on track and yielding tangible results," Mustier told analysts on Thursday.
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Joseph Oughourlian, CEO at UniCredit shareholder Amber Capital, said he was a firm believer in Mustier.
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Mustier, a Frenchman, is due to unveil the bank's new 2020-2023 plan to investors on Dec.
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Mustier confirmed that the bank would pay out 20 percent of 2017 adjusted net profit in dividend.
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Mustier had said at the time that meetings with investors confirmed strong interest for the bank's debt.
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The bank may present a new business plan in the fourth quarter, Mustier adds in the interview.
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They were appointed to these positions in late July by new group chief executive Jean Pierre Mustier.
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Mustier told Euromoney there could be "no non-organic evolution of the group for three-to-four years".
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A merger with France's Societe Generale is the first option for UniCredit CEO Jean Pierre Mustier, newspapers said.
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Mustier arrived at UniCredit in mid-2016 to turn it around and address concerns about its capital weakness.
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Jean-Pierre Mustier, UniCredit's recently appointed chief executive, is a former head of investment banking at Societe Generale.
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The appointment marks a big comeback for Mustier, 21, who was once fined in France for insider trading.
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This more conservative approach followed the arrival of Frenchman Jean-Pierre Mustier as chief executive on July 12.
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MI> which is expected to seek to raise more capital under its new chief executive Jean Pierre Mustier.
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Mustier, head of the investment bank at the time of the Jerome Kerviel trading scandal, quit in 2008.
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UniCredit hired Mustier in July to address persistent concerns about its weak capital and large bad loan pile.
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French investment banker Jean-Pierre Mustier left Tikehau last week to head UniCredit, Italy's biggest bank by assets.
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Asked whether the decision had been related to a scandal involving political consultancy Cambridge Analytica Mustier replied yes.
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UniCredit CEO Jean Pierre Mustier has held talks with the Rome government and European authorities, the first source said.
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UniCredit would only relocate a small number of people from London due to Brexit, CEO Jean Pierre Mustier said.
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Mustier has hired Lazard in the hope that Asmussen can lobby for the deal with finance minister Olaf Scholz.
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UniCredit has embarked on a restructuring after hiring French banker Jean Pierre Mustier as chief executive in mid-2016.
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UniCredit boss Jean Pierre Mustier said on Tuesday he would return 8 billion euros to shareholders over four years.
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Hardly a corner of the repertory has grown mustier, a puzzling development given the composer's prominence during his lifetime.
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Mustier had first joined UniCredit to head its investment banking division in 2011, nearly two years after resigning from SocGen.
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Net interest income fell slightly from a year earlier, but Mustier confirmed a full-year target of 10.2 billion euros.
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CEO Jean Pierre Mustier told la Repubblica in an interview the group had neither acquisitions or further disposals in sight.
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"We're being super conservative on the Turkish side and the trading side and we compensate with lower costs," Mustier said.
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Mustier had previously said the bank would assess strategic options, including a possible merger, after completing a turnaround plan in 2019.
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Chief Executive Jean Pierre Mustier said on Thursday his commitment to the lender was for the long term, well beyond 2019.
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In the letter, seen by Reuters, Chief Executive Jean Pierre Mustier referred to the media reports without confirming or denying them.
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The results and potential buy-back show how the restructuring by Chief Executive Jean Pierre Mustier is starting to pay off.
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Led by its new CEO Jean-Pierre Mustier, the bank is due to unveil a new strategic plan on Dec. 13.
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UniCredit Chief Executive Jean Pierre Mustier does not see cross border mergers among European banks in the short or medium term.
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But Unicredit Chief Executive Jean Pierre Mustier said on Thursday the bank remained strongly committed to the euro zone's third largest economy.
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UniCredit is exploring asset sales under new Chief Executive Jean Pierre Mustier and is set to unveil a strategic plan on Dec.
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UniCredit is currently exploring asset sales under new Chief Executive Jean Pierre Mustier and is to detail a strategic plan on Dec.
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Regarding Carige, Mustier repeated UniCredit was ready to support industry-wide rescue efforts but, as a bank, was focused on organic growth.
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One banker, who has known Mustier since he worked at SocGen, said he was highly intelligent and able to take risky decisions.
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Mustier - who will present a new, four-year business plan in December - is also looking to reduce the group's exposure to Italy.
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UniCredit's new business plan will be based on organic growth, Chief Executive Officer Jean Pierre Mustier tells Milano Finanza daily on Saturday.
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But UniCredit Chief Executive Jean Pierre Mustier said on Thursday the bank remained strongly committed to the euro zone's third largest economy.
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Mustier said no more asset sales were on the cards and that UniCredit itself was not in talks for a possible merger.
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Mustier said contacts with the European Central Bank showed the regulator was willing to authorise share buybacks if lenders had enough capital.
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Mustier last week said that the bank was very proud of being listed and headquartered in the euro-zone's third-biggest economy.
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"It's the biggest thing to happen in the group since the departure of Jean-Pierre Mustier," an insider said of Valet's departure.
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Mustier has repeatedly said the share sale, Italy's biggest ever, and massive balance sheet clean-up had not been requested by regulators.
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The head of the Libyan Investment Authority Ali Mahmoud Hassan will meet UniCredit CEO Jean Pierre Mustier on Friday, Corriere della Sera said.
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Other mooted candidates, such as Mr Schenck, Jean-Pierre Mustier of UniCredit and Christian Meissner of Bank of America, are experienced investment bankers.
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UniCredit's Chief Executive Jean Pierre Mustier has the full backing of shareholder Allianz, a senior executive at the German insurer said on Monday.
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In the corporate world, Unicredit's CEO Jean Pierre Mustier said he is confident domestic banks will help the two ailing Veneto-based banks.
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PARIS, Sept 18 (Reuters) - Italian bank Unicredit's Chief Executive Jean-Pierre Mustier said on Tuesday his bank was entirely focused on organic development.
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Mustier said contacts with the European Central Bank showed the regulator was willing to authorise share buybacks if a lender had enough capital.
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The Milan-based bank run by Jean Pierre Mustier already owns Germany's fifth-largest lender, HypoVereinsbank, with some 300 billion euros of assets.
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Il Sole 24 ore said besides Mustier, UniCredit investment banking boss Gianni Franco Papa would aslo certainly be in the shortlist of candidates.
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Mustier said UniCredit would reduce the impact from Italian bond yields in future by booking any new purchases among assets held to maturity.
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CEO Jean Pierre Mustier said, however, that the bank was very proud of being listed and headquartered in the euro-zone's third biggest economy.
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UNICREDIT (*) The CEO Jean Pierre Mustier will invest 2 million euros in shares of the bank, he told CorrierEconomia in an interview on Monday.
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The lender's sale was the largest of its kind in Italy and a key pillar in the plan of Chief Executive Jean Pierre Mustier.
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"Our end 2018 (non-core gross NPE) objective is to reach 19 billion euros, from 22.2 billion at the end of Q2," Mustier said.
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UniCredit CEO Jean Pierre Mustier is widely expected to seek a merger after completing a turnaround he started on his arrival in mid-2016.
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UniCredit's CEO Jean-Pierre Mustier, who was hired in July, has been trying to tackle long-standing concerns about the bank's stretched capital levels.
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CEO Jean Pierre Mustier told a press call that a lower tax rate would allow the bank to meet its 2100 net profit goal.
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Since Mr. Mustier joined the company, UniCredit has sold assets including stakes in a Polish bank and in an online banking and brokerage arm.
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New Chief Executive Jean-Pierre Mustier is overseeing a restructuring of the lender after raising 13 billion euros ($15 billion) from investors this year.
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HSBC has reportedly identified Jean Pierre Mustier, the C.E.O. of the Italian bank UniCredit, as the lead external choice to become its next chief.
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Bloomberg News reported on Thursday Mustier had emerged as a contender for the job, which Quinn is vying to secure on a permanent basis.
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Unicredit is working to finalise such measures in the countries where the bank operates "so they are fully in place next year", Mustier said.
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CUTTING EXPOSURE Mustier has repeatedly said that UniCredit will remain listed and headquartered in Milan and reiterated the bank's commitment to its home country.
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"We have used our exceptionally strong operating performance to put behind us headwinds that are outside our control," CEO Jean Pierre Mustier told analysts.
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Mustier put UniCredit's Polish unit Pekao on the block soon after his appointment and went on selling online broker FinecoBank and asset manager Pioneer.
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New CEO Jean-Pierre Mustier has called an extraordinary board meeting on Tuesday to approve a top management reshuffle, Il Sole 210 Ore reported.
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"Certainly Mustier will demand that any eventual deal be done on the same conditions as Intesa Sanpaolo's acquisition of the Veneto banks," the source said.
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Unicredit's French boss Jean-Pierre Mustier, appointed in July, will unveil a new strategic and capital-boosting plan for the Italian bank on Dec. 13.
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Chief Executive Jean Pierre Mustier declined to comment on the matter as he arrived for the bank's annual shareholder meeting in Milan on Thursday morning.
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Speaking on a media call, CEO Jean Pierre Mustier confirmed all of the bank's targets to 2019, including a core capital ratio above 12.5 percent.
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The bank's new chief executive Jean-Pierre Mustier told analysts in a conference call the bank was still on track to bolster its balance sheet.
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"I have no doubt that the end of this public negotiation, we will find a solution... We intend to keep our team here," Mustier said.
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Other possible replacements considered are Jean Pierre Mustier, chief executive of UniCredit SpA, and Bill Winter, chief executive of Standard Chartered, according to the Times.
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MI) Chief Executive Officer Jean-Pierre Mustier has emerged as one of the main external candidates for the top job at HSBC Holdings Plc (HSBA.
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MI) Chief Executive Officer Jean-Pierre Mustier has emerged as one of the main external candidates for the top job at HSBC Holdings Plc (HSBA.
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"Facebook is not acting in an ethical way," Unicredit CEO Jean Pierre Mustier said during a conference call with analysts on Tuesday, according to Reuters.
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Other possible replacements considered are Jean Pierre Mustier, chief executive of UniCredit SpA and Bill Winter, chief executive of Standard Chartered Plc, according to the Times.
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Plenary session with UniCredit CEO Jean Pierre Mustier and Co-CEO Olivier Khayat, Lavazza CEO Antonio Baravalle, Italmobiliare CEO Carlo Pesenti, Pirelli CEO Marco Tronchetti Provera.
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Mustier pledged to cut his fixed salary by 20083 percent to 1.2 million euros with no annual bonus this year or during the plan to 2019.
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LONDON/MILAN (Reuters Breakingviews) - Deutsche Bank boss Christian Sewing has just received an unexpected leg-up from his rival Jean Pierre Mustier, who runs Italy's UniCredit.
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One of the sources familiar with UniCredit's share issue said a merger deal for the bank was a concrete possibility once Mustier had completed his job.
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UniCredit's new chief executive Jean-Pierre Mustier launched a strategic in-depth review in July in an attempt to boost the bank's capital and improve profitability.
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"I have lost a friend of great intelligence and humanity, highly competent with a fine sense of culture and wit," UniCredit Chief Executive Jean Pierre Mustier said.
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Chief Executive Jean Pierre Mustier called the death of Saccomanni, a former economy minister and senior Bank of Italy official, a loss for the whole of Italy.
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In July Italy's biggest bank by assets launched a strategic in-depth review under its new chief executive Jean-Pierre Mustier to boost capital and improve profitability.
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UniCredit hired 22017-year-old French banker Mustier in the middle of last year to address concerns over weak capital and tackle a large bad loan pile.
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Milan-based UniCredit, which still owns 40.1 percent of Pekao after selling a 10 percent stake in the lender immediately after Mustier took over, declined to comment.
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One of the sources on Friday said Mustier had sounded out the foundations over the planned share issue without providing any detailed figures about the overall plan.
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"As I said, we are fully focused on reaching the goals of our strategy plan, which is based solely on organic growth," Mustier was quoted as saying.
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"I would like to insist that Unicredit has a transformation plan which is based purely on organic assumptions," Mustier told a conference on banking regulation in Paris.
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But Mustier said it was in shareholders' best interest for UniCredit to maintain its Turkish investment and that it was ready to support Yapi's potential capital needs.
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Not the Patagonia-wearing, Amazon-employed PNW it's become, but its dingier, mustier cousin, still visible in the crooks of the cities and hundreds of miles from them.
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UniCredit's CEO Jean-Pierre Mustier, appointed just over a year ago to turn the bank around, announced in December that he wanted to shake up the lender's governance.
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Chief Executive Jean Pierre Mustier, who took the helm at UniCredit in July with a mandate to strengthen the lender's balance sheet, is set to unveil on Dec.
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"We've reached kilometre 21 in the marathon but this is no time for a victory lap," Mustier said, indicating there was still a lot more work to do.
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The FABI labour group, the biggest banking union, said it was not even prepared to discuss the new plan unveield by Chief executive Jean Pierre Mustier on Tuesday.
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Jean Pierre Mustier, UniCredit's CEO, said the deal, called Project Fino, would contribute to an 8.1bn provision the bank is taking to reduce its non-performing loan book.
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Mustier, who chairs the European Banking Federation, said in an interview with French TV channel BFM Business that "negative rates have a significant impact on European banks' revenues".
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UniCredit's Chief Executive Jean Pierre Mustier is also a former manager at Societe Generale and his appointment to the position in 2016 rekindled speculation about the two joining forces.
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UniCredit is forging ahead in a turnaround under CEO Jean Pierre Mustier after raising 13 billion euros ($15 billion) from investors last year to clean up its balance sheet.
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MI) is forging ahead in a turnaround under CEO Jean Pierre Mustier after raising 13 billion euros ($15 billion) from investors last year to clean up its balance sheet.
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"We're making good progress on our plan, but this is not a sprint, we're one third (of the way) on our marathon," Mustier told investors in London on Tuesday.
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Jean-Pierre Mustier, the newish French boss of UniCredit, is knocking the biggest bank into shape, writing down bad debt by €8.1bn, selling assets and raising €13bn in equity.
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UniCredit's French chief executive, Jean-Pierre Mustier, a former head of SocGen's investment banking unit, has been developing the idea for several months now, the FT said, citing sources.
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"We have developed a plan, based on conservative assumptions, that is pragmatic, with tangible and achievable targets," Mr. Mustier said at the lender's investor day in London on Tuesday.
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UniCredit's interest also shows that its chief executive, Jean Pierre Mustier, is looking beyond cleaning up the bank, which raised 13 billion euros by issuing new shares this year.
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Mustier has said that while mergers and acquisitions (M&As) are necessary, low bank valuations at present prevent them because the required capital raising would excessively dilute shareholders' stakes.
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Mustier sold a 10 percent stake in Fineco for 328 million euros in July 2016 and a further 20 percent for 552 million euros in October of the same year.
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Mustier said this year's net profit would be higher than the 3.7 billion euro adjusted 2017 result as the bank works to meet a 2019 goal of 4.7 billion euros.
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In the run-up to the new plan, UniCredit Chief Executive Jean Pierre Mustier has been announcing measures to strengthen the group's balance sheet and cut its exposure to Italy.
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The bank's CEO Jean Pierre Mustier is considering the conversion or buyback of "cashes" convertible notes issued in 2009 for 3 billion euros, reported il Sole 24 Ore, citing sources.
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Among candidates tipped to replace Ghizzoni are Jean-Pierre Mustier, a former Societe Generale and UniCredit executive, UBS's investment banking boss, Andrea Orcel, and Merrill Lynch's Italy chief, Marco Morelli.
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Mustier last month unveiled a plan to shift 17.7 billion euros in bad debts off UniCredit's balance sheet, cut 14,000 jobs and close 944 branches by the end of 2.613.
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When asked earlier in August about potential acquisitions, Mustier said the bank's plan up to 2019 was based on organic growth but said the next plan could also consider external growth.
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In recent weeks, those talks unravelled, placing Commerzbank, which has a market valuation of around 9.3 billion euros ($10.4 billion), back on the agenda for UniCredit Chief Executive Jean Pierre Mustier.
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In comments distributed by the bank, Mustier - who will take on his new role on July 12 - said he will draft a new strategic plan to boost UniCredit's capital and profits.
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Mustier has shown an ability to cut costs when he was investment banking chief at UniCredit and, as an investment banker, has skills required for a major fund-raising if needed.
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Speaking later at the same event, the chief executive of Italy's largest bank, UniCredit's Jean Pierre Mustier, said he saw no reason to believe "political noise" would hurt confidence in Italy.
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A total of 14,000 job cuts by 13 are key to a business plan unveiled in December by UniCredit's new chief executive, Jean Pierre Mustier, to bolster the bank's balance sheet.
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Asked why he had already tested the waters with the German government about a possible merger with the partially state-owned German lender, Mustier referred back to the bank's official strategy.
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"Europe needs bigger banks but I cannot see any M&A transactions at this stage," Mustier told analysts, citing depressed bank valuations and the additional capital needs required for a merger.
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Mustier, a French investment banker who started as CEO at UniCredit in mid-2016, has been selling assets and raising cash to clean up the bank's balance sheet from impaired debt.
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Mustier, a former head of investment banking at Societe Generale and UniCredit who later became a partner at fund manager Tikehau Capital, is currently trying to sell Pioneer as a priority.
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Both sources said Saccomanni had the support of UniCredit Chief Executive Jean Pierre Mustier and was also someone who could be counted on to preserve the Italian-ness of the bank.
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UniCredit's current CEO Jean Pierre Mustier, a French national, used to be a top manager at Societe Generale and there has been recurring speculation that the two banks may consider merging.
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Mustier has been in talks with HSBC about the job, according to the report, although the board is still undecided and is considering candidates including the bank's interim chief, Noel Quinn.
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"Facebook is not acting in an ethical way... We will not use it until it has proper ethical behavior," Jean Pierre Mustier said during a conference call with analysts on Tuesday.
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In December UniCredit announced 14,000 job cuts and more than 900 branch closures as part of plans by Chief Executive Jean-Pierre Mustier, appointed in July, to turn the bank around.
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Monte dei Paschi faces competition in its search for fresh cash from healthier rival UniCredit which is expected to seek to raise more capital under its new chief executive Jean Pierre Mustier.
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UniCredit is conducting a strategic review under new Chief Executive Jean Pierre Mustier, who has already sold some assets to raise capital and will unveil a new business plan on Dec. 13.
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UniCredit, the country's largest bank by assets, will launch the share offer next month to boost its capital base as it embarks on a restructuring plan under new CEO Jean Pierre Mustier.
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Chief Executive Jean Pierre Mustier, who took the helm at Italy's largest bank by assets in July, is looking to sell Pioneer and other businesses to boost the lender's stretched capital base.
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This follows the hiring by Italy's biggest bank by assets of French investment banker Jean Pierre Mustier as chief executive in July, with a brief to address concerns about UniCredit's capital base.
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Candidates tipped for the job of CEO include Frenchman Jean-Pierre Mustier, a former Societe Generale and UniCredit executive, UBS's investment banking boss, Andrea Orcel, and Merrill Lynch's Italy chief, Marco Morelli.
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Along with Mustier, Monte dei Paschi chief executive Fabrizio Viola and Deutsche Bank Chief Country officer for Italy Flavio Valeri are both being considered for the top Unicredit job, la Repubblica reports.
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LONDON, Feb 23 (Reuters) - UniCredit Chief Executive Jean Pierre Mustier has ruled himself out of a switch to European rival HSBC, a source with knowledge of the matter told Reuters on Sunday.
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UniCredit shares came under pressure last week after media reports that said Mustier, 59, was a leading candidate to succeed HSBC interim CEO Noel Quinn, who is vying for the permanent job.
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To counter this, banks "can transfer negative rates case by case onto big companies or some big clients", Mustier said, describing such clients as those with deposits of more than 100,000 euros.
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UniCredit's recently appointed CEO Jean Pierre Mustier is looking to sell Pioneer and other businesses - including online broker Fineco Bank and Polish lender Pekao Bank - to boost the bank's stretched capital base.
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The deal is the latest move in a string of disposals that UniCredit's boss Jean-Pierre Mustier has embarked upon since taking the helm of Italy's biggest bank by assets in 13.
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Mustier has been forced to put his ambitions on the backburner as Commerzbank has asked for some "breathing space" and is not ready to negotiate another deal just yet, the sources said.
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CEO Jean Pierre Mustier told Reuters he had a long-term commitment to the bank when asked about a report that he was the preferred candidate for the top job at Deutsche Bank.
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CEO Jean Pierre Mustier started reducing the bank's stake in Fineco upon his arrival at UniCredit in mid-2016 with a mandate to beef up the lender's capital strength and turn it around.
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The board of Italy's biggest bank by assets unanimously backed Mustier at an extraordinary meeting, UniCredit said, ending the uncertainty that began last month when CEO Federico Ghizzoni said he would step down.
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Mustier said regulators and authorities are likely to find practical solutions to the problems posed by Britain's exit from the bloc, meaning there would be no 'big revolution' in the continent's banking landscape.
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Mustier said in the letter the plan will be finalised in November and referred to comments he made in a recent newspaper interview where he said the bank would work to improve efficiency.
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Unicredit Chief Executive Officer Jean-Pierre Mustier has emerged as one of the main external candidates for the top job at HSBC Holdings, Bloomberg reported on Thursday, citing sources familiar with the matter.
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"Let me reconfirm we have NO intention to do any M&A and we will not be drawn into any transactions," CEO Jean Pierre Mustier said in a message to staff on Wednesday.
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He said an internal candidate had always been preferred but two external ones had also been shortlisted but not Bill Winters nor Jean Pierre Mustier, chief executives of Standard Chartered and UniCredit, respectively.
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MI) beat expectations with a jump in first-quarter net profit to 24.8 million euros ($210.2 million) on Thursday as new boss Jean Pierre Mustier leads a turnaround at Italy's biggest bank by assets.
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According to Il Messaggero, CEO Jean-Pierre Mustier added to the board's agenda an update on Mediobanca's plan to sell its 225 percent stake in insurer Generali to a vehicle open to other investors.
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Unicredit owns 55.4 percent of FinecoBank, after its newly-appointed French boss Jean-Pierre Mustier sold a 10 percent holding via a share placing on his first day in the job on July 11.
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Since becoming UniCredit CEO in mid-2016 Mustier has cut its problem loans by 50 billion euros, raised 13 billion euros from a stock issue and shed assets worth more than 12 billion euros.
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Italy's biggest bank said on Monday Chief Executive Jean Pierre Mustier had confirmed he would remain in his role, following media reports that he was being considered for the top job at rival HSBC.
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MILAN (Reuters) - Shares in Italy's biggest bank UniCredit fell more than 1% at open on Friday following reports Chief Executive Jean Pierre Mustier is being considered for the top job at rival HSBC (HSBA.
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Mustier, who took the helm of UniCredit in July, is considering tapping the market for 23 billion to 13 billion euros ($11 billion-$14 billion), four sources familiar with the matter said on Saturday.
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NO WAY M&A Mustier, who has said low valuations for banking shares hamper mergers which would be necessary for European banks to grow in size, on Tuesday ruled out a deal for UniCredit.
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Under new CEO Jean Pierre Mustier, the bank raised 13 billion euros in a new share issue this year to finance a balance sheet clean-up which entailed offloading 17.7 billion euros in bad debts.
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The Italian biggest lender will stick to organic growth in its new business plan, Chief Executive Jean Pierre Mustier said in an interview published in La Stampa newspaper on Monday, saying European mergers were difficult.
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Under a plan presented in December, Mustier is focusing on improving shareholder returns through a combination of dividends and share buybacks in an attempt to lift the stock, which trade well below UniCredit's book value.
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UniCredit's new chief executive Jean-Pierre Mustier is looking to sell a number of assets including its remaining stake in Pekao in an attempt to strengthen the Italian bank's balance sheet and improve its profitability.
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Mustier, who said Unicredit's sale of operating assets was now at an end, told analysts that the depreciation of the Turkish lira had little impact on the capital position of its Turkish unit Yapi Kredi.
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The deal is one of various disposals being pursued by newly-appointed UniCredit Chief Executive Jean-Pierre Mustier to boost capital levels at the Italian lender, slim it down and make it easier to manage.
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Mustier, a French investment banker formerly at Societe Generale, arrived at UniCredit in July to oversee a capital strengthening and a streamlining of its operations after capital worries had dogged the Italian bank for years.
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Italy's biggest bank UniCredit said on Monday Chief Executive Jean Pierre Mustier had confirmed he would remain in his role, following media reports that he was being considered for the top job at rival HBSC.
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UniCredit, led by French banker Jean-Pierre Mustier, unveiled its bumper rights issue last December in a plan that also included job cuts, asset sales and the disposal of 17.7 billion euros in bad loans.
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Shareholders in UniCredit approved a record 13 billion euro ($14 billion) share issue on Thursday, needed to allow Italy's biggest bank to clean up its balance sheet and restructure under new chief executive Jean Pierre Mustier.
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The revenue target for the year was lowered to 18.7 billion euros from 19 billion euros due to the "prevailing environment with rates expected to be lower for much longer," Chief Executive Jean Pierre Mustier said.
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Chief Executive Jean-Pierre Mustier convened a closed-door meeting of investors on Tuesday, telling them the ECB was content with the plan unveiled in December, according to the source, who attended the meeting in Milan.
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The year had started with Italy's biggest bank raising 22014 billion euros from investors, in one of Europe's largest cash calls, to help clean up its balance sheet under then new Chief Executive Jean Pierre Mustier.
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CEO Jean Pierre Mustier reiterated in an interview with Saturday's Corriere della Sera that cross-border mergers are difficult in Europe to pull through and UniCredit targeted organic growth in answer to a question on Commerzbank.
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Unicredit, Italy's biggest bank by assets, picked French investment banker Mustier as its CEO last month, a move which a source said was likely to lead to a multi-billion euro cash call and asset sales.
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UniCredit rose 2.3 percent as it picked Jean Pierre Mustier to become its new CEO, a choice likely to lead to a multi-billion-euro capital increase and asset sales to boost the bank's financial strength.
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UniCredit, led by Chief Executive Jean Pierre Mustier, has been sounded out several times by the regulators and Carige advisers over the Genoa-based lender but has so far turned down overtures, one of the sources said.
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Unicredit, Italy's biggest bank by assets, appointed French investment banker Mustier as its chief executive last month, a choice which a source said was likely to lead to a multi-billion euro capital increase and asset sales.
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"We are taking decisive actions to deal with our (problem loan) legacy issues to improve and support recurring future profitability to become one of Europe's most attractive banks," Chief Executive Jean Pierre Mustier said in a statement.
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Having cut 14,000 jobs since he took over three years ago, Mustier is expected to announce as many as 10,000 job cuts when he unveils his new plan in December, according to sources close to the matter.
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MILAN (Reuters) - The European Central Bank's supervisory arm has adopted a more transparent approach under the chairmanship of Andrea Enria and this is welcome news for the industry, UniCredit Chief Executive Jean Pierre Mustier said on Thursday.
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UniCredit may review where it operates but the Italian lender does not plan to change its European identity, its new Chief Executive Jean-Pierre Mustier told Il Sole 24 Ore paper in an interview published on Friday.
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However, despite the sector slipping slightly, Unicredit reported a net profit of 907 million euros ($986 million), topping analyst expectations as reduced loan losses under the guidance of new CEO, Jean Pierre Mustier, appeared to gather steam.
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MI) sold minority stakes in two units for 1.1 billion euros ($1.2 billion) on Tuesday as new Chief Executive Jean-Pierre Mustier moved swiftly on his first day in the job to strengthen the Italian lender's capital.
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UniCredit appointed French investment banker Jean-Pierre Mustier as its chief executive on Thursday, a choice that is likely to lead to a multi-billion euro capital increase and asset sales to boost the bank's financial strength.
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RED TIE DAY Since becoming UniCredit CEO in mid-2016 Mustier has cut its problem loans by 50 billion euros, raised 13 billion euros from a stock issue and shed assets worth more than 12 billion euros.
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Saccomanni said UniCredit's position had not changed after CEO Jean Pierre Mustier said his bank is focused on organic growth in Italy but was ready to contribute in a "fair and proprotionate" manner to a possible rescue deal.
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Italy's Unicredit fell 0.6 percent after chief executive Jean-Pierre Mustier said he was not worried that a capital-raising for the lender would clash with a planned cash call for Banca Monte dei Paschi di Siena (BMPS).
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FRANKFURT, Dec 21 (Reuters) - Italy's biggest bank UniCredit will be focused on organic growth for the next year or two, CEO Jean Pierre Mustier told Germany's Handelsblatt in an interview when asked about a possible merger with Commerzbank .
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In a conference call with analysts after the bank released second quarter results Chief Executive Jean Pierre Mustier said UniCredit was in a position to absorb any impact on its core capital from developments on Italy's bond market.
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The lender, which in July launched a strategic review of all its assets under new CEO Jean Pierre Mustier, is also carrying out smaller disposals such as last month's 500 million euro sale of its card processing activities.
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MILAN, Feb 6 (Reuters) - The European Central Bank's supervisory arm has adopted a more transparent approach under the chairmanship of Andrea Enria and this is welcome news for the industry, UniCredit Chief Executive Jean Pierre Mustier said on Thursday.
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Under a new plan presented in December, Mustier is focusing his efforts on improving returns for shareholders through a combination of dividends and share buybacks in an attempt to lift the stock, which trade well below UniCredit's book value.
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MILAN, July 1 (Reuters) - Italy's biggest lender, UniCredit , will stick to organic growth in its new business plan, Chief Executive Jean Pierre Mustier said in an interview published in La Stampa newspaper on Monday, saying European mergers were difficult.
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A sale of FinecoBank would help UniCredit strengthen its capital and reduce the need for a share issue for new chief executive Jean-Pierre Mustier who is due to unveil a strategic and capital-boosting plan on Dec. 13.
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The revenue target for the year was lowered to 18.7 billion euros from 19 billion euros due to the "prevailing environment with rates expected to be lower for much longer," Chief Executive Jean Pierre Mustier said in a statement.
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Italy's biggest bank by assets sold minority stakes in two units for 1.1 billion euros ($1.22 billion) on Tuesday as new Chief Executive Jean-Pierre Mustier moved swiftly on his first day in the job to strengthen its capital.
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After shedding 4 billion euros in impaired home mortgages, UniCredit said it had lowered the share of problem loans in its total lending to 5.7%, the best level among leading Italian banks, down from 15% when Mustier first arrived.
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Italy's biggest bank by assets, which earlier this year hired new chief executive Jean Pierre Mustier to streamline its business and beef up its capital, said it would book a net capital gain of 2.2 billion euros next year.
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UniCredit had already placed a 10 percent stake in the unit in July just as it launched a strategic in-depth review under its new chief executive Jean-Pierre Mustier in an attempt to boost capital and improve profitability.
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MILAN, Feb 24 (Reuters) - Italy's biggest bank UniCredit said on Monday Chief Executive Jean Pierre Mustier had confirmed he would remain in his role, following media reports that he was being considered for the top job at rival HBSC .
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MILAN, Oct 9 (Reuters) - Unicredit, Italy's biggest lender, is working on measures to transfer the European Central Bank's negative rates onto clients holding more than 100,000 euros ($110,000) in their accounts, Chief Executive Jean-Pierre Mustier said on Wednesday.
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This banker said Mustier, who is expected to launch a share issue in the first quarter of next year, would likely raise more than the bank needed to increase its market capitalization with a view to a SocGen deal.
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UniCredit said on Saturday it was reducing its stake in Turkey's Yapi Kredi, the latest disposal under CEO Jean Pierre Mustier, a French investment banker who took over in mid-13 with a mandate to bolster the balance sheet.
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Mindful that UniCredit's exposure to Italy was regarded as a deterrent to a deal in Germany, Mustier also moved last month to cut it, including by announcing the bank would reduce its vast portfolio of Italian government bond holdings.
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MILAN, Aug 7 (Reuters) - Italy's UniCredit could move a presentation of its latest business plan from London to Milan in the event of a no-deal Brexit, Chief Executive Jean Pierre Mustier said on Wednesday, emphasising the bank's European focus.
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Mustier confirmed a full-year net profit goal of 4.7 billion euros, saying that while the second half of the year was expected to be in line with the first six months, the bank would benefit from a lower tax rate.
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Mr Mustier is scarcely promising the moon: just a "simple, pan-European commercial bank" with a return on tangible equity of 9% within three years, more than double 2015's figure but still less than the estimated cost of equity.
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UniCredit, whose stock was up 27% by 24.7 GMT, has undergone a major restructuring in the past three years under French boss Jean Pierre Mustier, who has slashed costs, dumped bad debts and sold assets, shrinking the bank's international presence.
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After failing to clinch a cross-border merger and acquisition (M&A) deal, Mustier is now focusing on improving shareholder returns through dividends and share buybacks in an attempt to lift the stock, which trades well below UniCredit's book value.
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Mustier confirmed a full-year net profit goal of 4.7 billion euros, saying that while the second half of the year was expected to be in line with the first six months, the bank would benefit form a lower tax rate.
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Italy's biggest bank is beginning to reap the benefits of years of restructuring under Chief Executive Jean Pierre Mustier, who took over in mid-13 and embarked on a balance-sheet clean up, cutting costs and shedding non-core assets.
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Italy's biggest bank is beginning to reap the benefits of years of restructuring under Chief Executive Jean Pierre Mustier, who took over in mid-2016 and embarked on a balance-sheet clean up, cutting costs and shedding non-core assets.
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Italy's biggest bank is beginning to reap the benefits of years of restructuring under Chief Executive Jean Pierre Mustier, who took over in mid-2016 and embarked on a balance-sheet clean up, cutting costs and shedding non-core assets.
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Mustier is expected to unveil a strategic and capital-boosting plan at the end of November and wants to have a clear idea of how much he is likely to raise from asset sales before pressing ahead with a share offer.
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A third source familiar with the matter had said earlier on Friday Mustier was a candidate to succeed HSBC interim CEO Noel Quinn who earlier this week unveiled a major overhaul at the bank, its third since the financial crisis.
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UniCredit Chief Executive Jean Pierre Mustier - a former investment banker who took over in mid-2016 and embarked on a balance-sheet clean up, cutting costs and shedding non-core assets - said UniCredit would only consider small bolt-on acquisitions.
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To fund a clean-up which saw UniCredit shed 50 billion euros in problem loans, Mustier has sold more than 12 billion euros in assets and raised 13 billion euros in one of Europe's biggest share issue in recent years.
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MILAN, July 28 (Reuters) - UniCredit does not plan to do more beyond its current 1 billion euro ($1.11 billion) commitment to Italian bank bailout fund Atlante, new Chief Executive Jean-Pierre Mustier told Corriere della Sera in an interview published on Thursday.
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Unicredit, Italy's biggest bank by assets, posted on Thursday a first-quarter net profit of 907 million euros ($986 million), topping expectations due to rising revenues and lower loan losses as a turnaround under new Chief Executive Jean Pierre Mustier gathered pace.
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In keeping with a strategy of shedding non-core assets under Chief Executive Jean Pierre Mustier, UniCredit late on Wednesday said it had sold its entire 8.4% stake in the illustrious Milanese merchant bank Mediobanca, where it had been the group's biggest shareholder.
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Asked at a news conference if a sale of a stake in Turkish bank Yapi Kredi were possible, Mustier said UniCredit would constantly review how it allocates its capital among "countries, sectors and clients" under a new four-year plan due in December.
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UNICREDIT * The bank is aiming for a new CEO this week, according to Corriere della Sera, with former UniCredit investment banking chief Jean-Pierre Mustier, Monte dei Paschi di Siena's CEO Fabrizio Viola and UBI's chief Victor Massiah seen as possible candidates.
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Mustier also said bad loan disposals would accelerate in the remainder of the year and confirmed UniCredit was working on changes to its group structure to improve its resilience to macroeconomic shocks, adding the lender would remain listed and headquartered in Italy.
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Rumors about a possible merger between the French and Italian banks have been doing the rounds for several years and have re-emerged after Jean-Pierre Mustier, a former investment banking boss at SocGen, was appointed earlier this year to run UniCredit.
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Jean Pierre Mustier has shed bad loans, raised billions in capital and crafted a quirky new image for UniCredit with the help of Elkette, a soft-toy he brings out for selfies with fellow bankers ranging from Jamie Dimon to Lloyd Blankfein.
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Those talks unravelled in recent weeks, placing Commerzbank back on the agenda for UniCredit Chief Executive Jean Pierre Mustier, who will be running the rule over a target worth about 9.3 billion euros ($10.4 billion) compared with UniCredit's market capitalisation of 24.4 billion euros.
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Mustier wants to have a clear idea of how much he can raise from asset sales before pressing ahead with a share offer and the bank has invited a small number of Italian and international lenders to come forward with potential offers, the sources said.
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Jean-Pierre Mustier, CEO do Unicredit, disse, nessa reunião com investidores italianos e estrangeiros em Milão, que o BCE estava "muito satisfeito" com o plano já apresentado pelo banco, que inclui a venda de 17.700 ME de empréstimos maus, de acordo com a mesma fonte.
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Those talks unraveled in recent weeks, placing Commerzbank back on the agenda for UniCredit Chief Executive Jean Pierre Mustier, who will be running the rule over a target worth about 9.3 billion euros ($10.4 billion) compared with UniCredit's market capitalization of 24.4 billion euros.
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Jean-Pierre Mustier, chief executive of Italian bank UniCredit Group which has operations in London, said there is a need to ensure that cross-border financial contracts and flow of data are not disrupted by Brexit, and that there is mutual recognition of rules.
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MILAN, Feb 21 (Reuters) - Italy's biggest bank UniCredit may make an announcement as early as Friday night on the future of boss Jean Pierre Mustier, two sources familiar with the matter said, after reports he is vying for the top job at rival HSBC.
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MILAN, May 13 (Reuters) - Unicredit, Italy's biggest bank by assets, posted on Thursday a first-quarter net profit of 907 million euros ($986 million), topping expectations due to rising revenues and lower loan losses as a turnaround under new Chief Executive Jean Pierre Mustier gathered pace.
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Mustier, who took a 40 percent pay cut as he unveiled plans to slash 14,000 jobs by 2019, targets recurring annual costs savings of 1.7 billion euros at the end of the period as banks grapple with low interest rates and regulatory constraints that curb revenues.
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CEO Jean-Pierre Mustier has improved the bank's competitive position amid a very difficult market, Fondazione CRT Chairman Giovanni Quaglia told Il Sole 225 Ore on Friday, adding, however, the bank should also think about it employees and its customers when implementing its new business plan.
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In comments to the Financial Times, UniCredit Chief Executive Jean Pierre Mustier said the price of the issue was "not ideal" but was worth it to secure demand at a time when Italian banks are under siege due to the government's battle with European authorities over next year's budget.
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UniCredit's boss Jean Pierre Mustier is leading talks with the Rome government and European authorities as Italy's biggest banks mull helping Rome bail out Popolare di Vicenza and Veneto Banca to avoid being hit by costly depositor guarantees if European regulators shut them down, sources said on Thursday.
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The latest reshaping of UniCredit under Jean-Pierre Mustier, who became chief executive in July, will be closely watched for what it says about the willingness of investors to help troubled banks in Italy, where lenders have an estimated 212.2 billion euros, or $28.1 billion, in problem loans.
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Although the lender's board is up for renewal in eight months, Unicredit has given mandate to two head hunting firms - Egon Zehnder and Spencer Stuart - to start searches for the new chairman and new board members, with chief Executive Jean Pierre Mustier following the process closely, Il Sole 24 Ore reported.
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Chief Executive Jean Pierre Mustier said the bank planned to launch the share issue in the first quarter of 20.6 and use the money to help mop up 22.6 billion euros worth of bad debts from its balance sheet, enabling it to boost its profits and also dividend payouts by 210.
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The deal, which the source said involves a special dividend of about 500 million euros to be paid to UniCredit, is one of various disposals being pursued by newly-appointed Chief Executive Jean-Pierre Mustier to boost capital levels at the Italian lender, slim it down and make it easier to manage.
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