The increase in salary for UniCredit SpA's chief executive officer, Andrea Orcel, further enhances his status as one of Europe's best paid bankers.
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Orcel's total compensation for last year amounted to €13.2m the bank said in a report on its website late Tuesday, as reported by Bloomberg. That's up from close to €10m in the previous year.
Shares of UniCredit rose by more than 50% last year and it's currently around six times higher than when Orcel became CEO almost four years ago.
Helped by higher interest rates, which have boosted share prices across the industry, UniCredit's profitability has soared and so has the money it has returned to investors.
While few European banks have so far published their compensation reports, the pay package is almost certain to put Orcel at the top end of the range for his peers across the industry.
Orcel is chasing more growth with a takeover bid for domestic rival Banco BPM SpA and is seeking a stake in Germany's Commerzbank AG.
