UniCredit might leave unprofitable countries-report

FRANKFURT, Nov 21 (BestGrowthStock) – Italy’s UniCredit SpA
(CRDI.MI: ) might leave countries in which it considers its
business as not profitable enough, the bank’s chief executive
told Austrian magazine “trend,” according to news agency APA.

“Improving (the bank’s) profitability has absolute priority
in coming years,” Chief Executive Federico Ghizzoni said,
according to the report.

“I do not have a list of countries which we plan to leave,
but we might leave countries if they are not profitable
enough,” he said.

Ghizzoni, who took the helm at the group on Sept. 30, plans
to move more power from the holding to local divisions, he
said.

“In the phase of consolidation we have to decentralize,” he
said.

On Nov. 10, in his first earnings presentation since taking
over from Alessandro Profumo, Ghizzoni said he did not plan to
reduce the bank’s presence in eastern Europe, nor was he
looking to cut investment in its investment bank or in No.2
market Germany. [ID:nLDE6A81VJ]
(Reporting by Peter Dinkloh; Writing by Peter Dinkloh; Editing
by Bernard Orr)

UniCredit might leave unprofitable countries-report