UniCredit CEO Offloads Foreign Assets
(13 October 2020 – Europe) UniCredit’s top executive Jean Pierre Mustier has decided to offload the bank’s foreign assets due to its domestic business’ exposure to public debt and economic drawdown.
These risk factors have weighed down on the value of its foreign assets. The bank will also consider the separation of its domestic and foreign banking operations to improve funding costs. CEO Mustier plans to submit this proposal to his board of directors before the end of the year. He acknowledges the potential technical challenges in the bank’s IT systems if this plan were to go ahead.
“The economic downturn in Europe has led banks to offload and restructure their existing business in the best possible way. These measures will allow banks in Europe to remain secure and competitive in the long run” commented East & Partners Europe Market Analyst, Pierre Sokoya.