MILAN (Reuters) - The head of Italy's UniCredit expects the European Central Bank (ECB) to take a 'balanced approach' on interest rate hikes, acting on the basis of economic data as they become available given the high level of uncertainty.

"I believe that in the end the (European) Central Bank will take a balanced approach, probably raising rates by more than what 'doves' would like, but by less than what 'hawks' would," CEO Andrea Orcel was quoted as saying by Il Messaggero daily on Thursday.

Orcel added he expected the ECB's deposit rate could peak in the summer.

(Reporting by Federico Maccioni, editing by Valentina Za)