MILAN, Feb 9 (Reuters) - UniCredit (CRDI.MI) , opens new tab has already booked the provisions needed to cover penalties owed to its partner Amundi (AMUN.PA) , opens new tab as the Italian bank keeps cutting the amount of funds from the French company in client portfolios, CEO Andrea Orcel said.

UniCredit's distribution contract with Amundi expires in mid-2027. The bank's relations with Europe's biggest fund manager have been complicated by Amundi's owner, France's Credit Agricole (CAGR.PA) , opens new tab, expanding in Italy and hampering UniCredit's own domestic expansion plan.

Sign up here.

Orcel said in a post-result conference call that UniCredit had been distributing clients more of its own Onemarkets funds or those of other providers.

"Every time we do that we pay them a penalty ... and we have taken provisions for most of those penalties that we anticipate for this year and half of next," he said.

https://www.reuters.com/business/finance/unicredit-booked-provisions-keep-cutting-amundi-funds-until-contract-ends-2026-02-09/