UniCredit is studying every possible acquisition target, CEO Andrea Orcel said in an interview with the Financial Times, ruling out an interest in Societe Generale.

Citing people with knowledge of the bank's exposure in Russia, the newspaper also wrote that UniCredit will record provisions for potential losses in upcoming quarters after a court-ordered seizure of some of its assets in Russia.

Last week, an arbitration court in St. Petersburg seized 463 million euros in stocks and other securities, accounts, and property, or 5 percent of UniCredit's Russian assets, in a case related to a gas plant project that had been halted due to sanctions imposed by the West.

The large excess capital that can be used for mergers and acquisitions has fueled speculation about Orcel's M&A moves since the banker joined UniCredit in 2021.

Orcel has dropped a deal to acquire Monte dei Paschi di Siena, but has explored possible bids for smaller rival Banco Bpm and Germany's Commerzbank, sources previously told Reuters.

"In theory, most of the rumors are true, as in each individual market we evaluate every possible target," Orcel said.

UniCredit operates in 13 markets, with a large presence in Germany and Austria.

"The interest is there under the right conditions, but we haven't found the right conditions yet and had the discipline to say no."

Orcel welcomed French President Emmanuel Macron's recent call for European banks to join forces, but ruled out any interest in Societe Generale after Macron said Paris would not oppose a foreign buyer for the French credit institution.

"It is positive this ... commitment from an important European leader," Orcel said.

But "if the rules ... do not change, no one will be interested beyond the national because you cannot create synergies," he added.

(Translated by Chiara Scarciglia, editing Stefano Bernabei)