UniCredit Board approves in depth strategic review led by new CEO Jean Pierre Mustier
The Board of Directors of UniCredit today discussed and approved the launch of an in-depth review of the Group’s strategy led by new Chief Executive Officer Jean Pierre Mustier.
In order to reinforce and optimize the Group’s capital position, improve profitability, ensure continuous transformation of operations, and maintain flexibility to seize value creating opportunities, the strategic review will encompass all major areas of the bank. There will be specific focus on capital optimization opportunities, further cost reduction, cross selling across Group entities and above all further improved risk discipline.
UniCredit’s strong Italian roots make the Italian bank absolutely core to the Group. The reshaping of the retail network and the ensuing digitalization already underway, will continue apace, increasing focus on relationship banking to leverage on our quality premium. In corporate banking the move towards Italy’s global exporters, dynamic local mid-sized companies and burgeoning entrepreneurial sector is ongoing.
Strategic assets such as HVB, CEE and the Corporate Investment Bank will pursue their development, increasing cross selling and synergies wherever possible, while maintaining a strong focus on process efficiency and RWA optimization.
All assets, with no exception, will be subject to the same disciplined capital management and any incremental value creating opportunities, potentially also via disposals, will be evaluated.
A more proactive approach to the non-core credit portfolio is to be expected so to accelerate the strengthening of the balance sheet.
Jean Pierre Mustier, Chief Executive Officer of UniCredit said: “The strategic review will be wide ranging. We will take a diversified approach in terms of the different assets in order to ensure maximum future value creation for all UniCredit stakeholders. As always, our first priority is and will always be to deliver UniCredit’s products and services solutions to our extensive client franchise and provide access to our unique Western, Eastern and Central European network.”