Bank Austria as UniCredit´s Cash Cow

Business › n.a. ♦ Published: August 4, 2012; 13:46 ♦ (Vindobona)

Without Bank Austria, UniCredit would have been in the loss area. The CESEE region is still Bank Austria´s future market.

Bank Austria as UniCredit´s Cash Cow / Picture: © UniCredit Banca

Bank Austria has rescued UniCredit´s balance sheet. Without the Austrian subsidiary, the Italian major bank would have recorded losses in the second quarter of 2012. UniCredit´s net income declined by 66% to € 169m. This was mainly due to higher risk provisionings, which were up by 60% to € 1.9bn. At the moment, UniCredit holds Italian sovereign bonds worth € 41bn. As the…

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