Andrea Orcel drives UniCredit's push in Italy's Montepaschi‑Banco BPM tussle

Andrea Orcel, chief executive of UniCredit, is central to a reshuffling of Italy’s banking landscape. He has increased UniCredit’s presence in insurance group Generali, holding more than 9% of its capital, and is reported to be positioning the bank for a possible acquisition of a stake in Montepaschi through the Delfin holding, which currently owns about 17.5% of Montepaschi.

At the same time, UniCredit’s attempted hostile offer for Banco BPM was blocked by a government “golden power” decree, preventing the transaction from closing. The move comes as Intesa Sanpaolo has launched its own offer for Montepaschi, intensifying a competitive standoff between the two major Italian lenders. The articles also map a network of hidden ties: Banco BPM and Delfin have financed entrepreneur Leonardo Maria Del Vecchio’s effort to regain family shares in Delfin; Crédit Agricole and other banks are linked to the same financing pool, while the parties have not sought prior approval from the ECB under Article 22‑bis of the TUB.

Analysts suggest that Orcel’s manoeuvres could force a showdown over control of Montepaschi or lead to a negotiated settlement, with broader implications for ownership structures in Italy’s banking sector.