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UniCredit approved the strategic development plan for five year period and announced its Q3 2011 financial results

15.11.2011

UniCredit approved the strategic development plan up to 2015 that confirms the status of the powerful European financial group.

The main priorities of the Group strategic plan are:

  • To concentrate on key Group business (customer service of corporate and retail banking);
  • To decrease costs in 10%, mostly in Western Europe;
  • To reduce staff by 7200 employees in Western Europe and increase staff by 1,135 people in Eastern Europe;
  • To achieve profit equal to € 6.5 bn in 2015.

UniCredit Group has launched a capital increase program up to 7.5. bn euro by the end of Q1 2012. As a result CAR (capital adequacy ratio) indicator will be not less than 10.35% (according to international standards of Basel II).

Management of UniCredit Group approved the negative financial results of Q3 2011 that amounts to 10.6 bn euro. The net loss is almost entirely due to the goodwill write off according to current market evaluation and regulatory requirements. These assets were not taken into account earlier in the calculation of regulatory capital of the Group, except those of Greece government obligations, and therefore do not affect regulatory capital of the Group as well as its liquidity indicators.

Borys Tymonkin, CEO of UniCredit Bank™, PJSC «Ukrsotsbank» noted: «This decision is strategically weighted and well-timed. The assets that were written-off included among others expenses on investments of the recent years; expenses, connected with cost of non-existing brands of the local banks of Austria, Germany, Ukraine; Greek government securities».

Operational profits of the banks of the Group remain unchanged on the same level as earlier that allows Group to forecast profit in 4Q 2011.

CONSOLIDATED RESULTS FOR THE FIRST NINE MONTHS OF 2011

UNICREDIT: BOARD OF DIRECTORS APPROVES CAPITAL STRENGTHENING MEASURES

UNICREDIT: STRATEGIC PLAN

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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