MILAN, March 13 (Reuters) - It would be "disappointing"

if the strict criteria UniCredit has set for

considering potential acquisitions prevented the Italian bank

from deploying at least part of its ample excess capital in this

way, its chief executive said.

"My view is that at some point you need to build the

business, so M&A at the right price is better (than

distribution)," CEO Andrea Orcel told the Morgan Stanley ( MS )

investor conference in London on Wednesday.