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UniCredit to Withdraw from CEE?

Published: November 14, 2011; 12:25 · (Vindobona)

The holding company of Bank Austria, the Italian UniCredit, may close its operations in Eastern Europe. The consequences for Bank Austria are unknown.

UniCredit to Withdraw from CEE? / Picture: © Uni Credit Group Bank Austria

Bank Austria, which operates the banking business in Eastern Europe for UniCredit, could soon be confronted with the withdrawal of its holding company.

UniCredit plans to lay off thousands of employees. Up to 5,000 jobs could be affected. Moreover, write-offs could amount up to € 10bn. According to market rumors, interests in Eastern Europe have to be revalued. However, this…

This article includes a total of 182 words.

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