UniCredit offer assurances over investment banking

3 April 2008

Unicredit's banking and asset management division "remains solid" despite low visibility in 2008 financial markets, the company said today in a presentation in London.

The Italian bank, now Europe's third biggest investment institution, said it had the "resilient and diversified franchise to cope with turbulent times".

However, the presentation did not confirm earnings to shares targets for 2008, largely due to the current state of financial markets.

UniCredit's deputy chief executive Sergio Ermotti said to analysts in March said the outlook for investment markets; "is quite difficult to say ... it can't be very positive".

Unicredit acquired Capitalia in 2007 to make it Italy's second biggest retail bank with approximately euro65 billion in market capitalisation.

The bank posted positive 2007 fourth quarter net profit results of euro1.23 billion, up from euro893 million from a year prior to this.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development