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UniCredit Group CEO Alessandro Profumo considers the double dip hardly probable for Europe

11.08.2010

UniCredit Group CEO Alessandro Profumo considers the double dip hardly probable for Europe.

Alessandro Profumo said, “The real economy, also thanks to the increasing export activity, is doing relatively well. Apparently, there are quite strong countries like Germany, but export activities in Italy, by the way, have also significantly improved.

I think we will not see a spectacular growth in the nearer future but we will not get back to recession as well. The real economy is expected to perform relatively well compared with two most recent years.

So, it is clear, as I said before, that present recovery is based on the increasing demand for European export (and it is quite important) mainly in Asia and partly in the USA. The world growth is going back to 4% which is not so bad.

I think that the way to foster the long-term economic expansion is a key challenge for Europe now. One negative factor is weak European demographic trends.

So, we have to understand what to do in this area and also in many other cases in the long-term perspective. We cannot finance the growth with debt increase anymore, because, as we see, the countries all over Europe need to dramatically improve their debt sides by repaying the former sovereign debts.

So, I think the key topic is the way to foster the growth with structural reforms and further leverage on the single European market. These are the key challenges in each country and immense business area on all-European level”.

NOTE

Ukrsotsbank is one of the largest universal banks of Ukraine, operating in the local market since 1990. The bank offers full range of services to individuals and corporate clients.

The renovated Ukrsotsbank emerged on 31 October 2016 as a result of strategic deal whereby 99.9% of Ukrsotsbank shares have been transferred from UniCredit Group to ABH Holdings S.A. (АВНН) in exchange for a minority 9.9% stake in ABHH. Thus, the bank has combined 26-year-old traditions of Ukrsotsbank’s client-centric attitude, European quality of service inherent to UniCredit, as well as international banking expertise of ABHH in a number of European countries including CIS. Thanks to the successful synthesis and synergy of the two assets of ABHH in Ukraine, Ukrsotsbank and Alfa-Bank, the banking market of Ukraine will see the rise of a new stronger financial institution. This, in turn, will spur up technological advance, increase efficiency, improve quality of service for the clients, reduce cost of banking services whereas their range will inevitably expand.

The extensive retail network of Ukrsotsbank consists of 237 branches, its headcount reaching nearly 5 thousand employees.


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