Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Seven African countries' economies at risk over Brexit decision

Read more

THE DEBATE

Britain votes out: What next?

Read more

#TECH 24

The 'fintech' revolution

Read more

FRANCE IN FOCUS

A certified 'palace': How hotels strive for excellence

Read more

#THE 51%

In her own image: Women in Art

Read more

REPORTERS

World War I: When northern France was on German time

Read more

REVISITED

Video: Ugandan city still scarred by Lord's Resistance Army atrocities

Read more

MEDIAWATCH

#Brexit sparks a storm on social media

Read more

BUSINESS DAILY

Markets, pound plunge on Brexit vote

Read more

Business

UniCredit will request up to four billion euros

Latest update : 2009-03-18

After the Italian banking giant's profits fell 38 percent in 2008, UniCredit will request up to four billion euros (5.2 billion dollars) in state aid from Italy and Austria. The bank had reported a 54.2-percent slump in profits for the third quarter.

AFP - Italian banking giant Unicredit will request up to 4.0 billion euros (5.2 billion dollars) in state aid from Italy and Austria, the bank said Wednesday after reporting a collapse in profits in 2008.

The bank's profits fell 38 percent in 2008 to 4.012 billion euros and by 56.9 percent in the fourth quarter of last year alone because of a "severe financial crisis," the bank said in a statement.

The board has "mandated the CEO to negotiate the terms and conditions related to the issuance of government capital instruments for an amount of up to euro 4 billion" from Austria and Italy, the bank said.

Unicredit said it was seeking the aid "with the aim of further strengthening the existing policy of strong support to the economy and in order to align the group to the European competitive context," as other banks had received aid.

In November last year, Unicredit reported a 54.2-percent slump in profits for the third quarter, blaming "extreme conditions on financial markets."

The bank has also been hit by the financial scandal surrounding disgraced New York financier Bernard Madoff, with an exposure of up to 75 million euros.

 

Date created : 2009-03-18

COMMENT(S)