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Gianni Franco Papa, Deputy Director General of Bank Austria, gave his assessment of the financial situation on the CEE market


In an interview to Austrian daily ‘Salzburger Nachrichten’ Gianni Franco Papa commented on the financial situation on the CEE market and Europe in general. Deputy General Director of Bank Austria, parent UniCredit, has compared the current state with the one that could be observed in 2008 by evaluating the present situation in general as positive.

Mr. Papa has denied rumors that UniCredit may refuse to carry out activities on the CEE market, quoting the Director General of Bank Austria, Willi Cernko: " This is nonsense. It may be wishful thinking of our competitors. Eastern Europe is a cornerstone, a growth driver for our group. It would be completely irrational to sell a division that produces great results. "

The banker says that it is important to be flexible in a difficult economic situation, but at the same time remain conservative in fundamental aspects, justifying the customers’ expectations.

In addition, the Deputy Director General of Bank Austria says that it is impossible to give the same prediction for the activities of all financial institutions: " Banks are vital to the economy, to growth and an improvement of the quality of life. It is true, there have been excesses in the past. But one has to make a distinction. Commercial banks have supplied the businesses with money. If you say that all banks have the same risk profile, you convey a wrong impression."

The full version of the interview you can find:


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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