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International UniCredit Group CEO Alessandro Profumo expresses his view of further European integration

09.09.2010

Alessandro Profumo: “Every country has different needs. We need more Europe for Europe as a whole, I think, which means more integration among European countries. For instance, a very impressive study was published by former European Commissioner Mario Monti in May which showed that, due to further integration of the single European market, we can speed up the annual economic growth by 1% within the next few years. It is quite a lot. So, I think we need further integration of the European market.

Today’s Europe is at the crossroads: either it becomes more fragmented, or more integrated. I think we are unlikely to go back to more fragmented Europe. There are higher chances that we move to more integrated Europe. A proof of that is the discussion currently going on in EU about the pan-European financial market regulation, which should lead to creation of three common European financial regulators. There is clear signal in direction of further European integration.

As an example, we can also talk of discussions on how to analyze and agree on the national economic policies, improving fiscal discipline among EU states. There are the countries which are already moving forward in that direction. Germany is pushing quite a lot and moving towards stricter budget stance.

So, all these things are changing, and European institutional system is moving towards higher integration. And I think at the end of this crisis we will get not less, but more Europe”.

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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