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UniCredit Final Restructuring Program on Bank Austria's Retail Business
UniCredit announced a major step in its strategic plan execution, by launching a profound restructuring program on its Austrian retail business that will enable Bank Austria to develop its business in a sustainable way, while bringing down significantly its cost income ratio. The restructuring plan will allow to reduce by 2018 Bank Austria's overall costs by € 150mn per year on an ongoing basis on top of the Strategic Plan and with main focus on personnel expenses, leading to an overall cost decrease by almost € 300mn versus 2014 in order to ensure the business sustainability in the long-run.
UniCredits Final Restructuring Program on Bank Austria's Retail Business / Picture: © Vindobona.org
- € 150mn additional overall cost savings by 2018 leading to € 300mn cost reduction versus 2014
- Substantial improvement of cost income ratio of Bank Austria, going down to 65%, and increase of RoAC to 13% on a normalized tax basis
- Dissolution of Bank Austria's special company pension scheme for active employees
Cost savings will be achieved acting on clearly…
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