Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

French education: Reinventing the idea of school

Read more

FRENCH CONNECTIONS

Frogs legs and brains? The French food hard to stomach

Read more

#TECH 24

Station F: Putting Paris on the global tech map

Read more

THE INTERVIEW

Davos 2017: 'I believe in the power of entrepreneurs to change the world'

Read more

#THE 51%

Equality in the boardroom: French law requires large firms to have 40% women on boards

Read more

FASHION

Men's fashion: Winter 2017/2018 collections shake up gender barriers

Read more

ENCORE!

Turkish writer Aslı Erdoğan speaks out about her time behind bars

Read more

REVISITED

Video: Threat of economic crisis still looms in Zimbabwe

Read more

BUSINESS DAILY

DAVOS 2017: Has the bubble burst?

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)