FRANKFURT (AFX) - Unicredito Italiano SpA chief executive Alessandro Profumo said the bank will concentrate on growth in the German banking market, and is not merely interested in building its presence in Eastern Europe, reported Welt am Sonntag.
'It would be a big mistake if we discarded our business in Germany,' Profumo told the paper. 'I can rule that out.'
Profumo said Unicredito did not just purchase HVB to take advantage of its strong presence in the Eastern European market, adding that its future growth potential was already calculated into the stock price.
'Our best chance for further growth lies in German business,' he said.
'For this reason I can't understand why we are continually asked whether the bank will pull out from the country.'
Tyler.Sitte@afxnews.com ts/cml COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
'It would be a big mistake if we discarded our business in Germany,' Profumo told the paper. 'I can rule that out.'
Profumo said Unicredito did not just purchase HVB to take advantage of its strong presence in the Eastern European market, adding that its future growth potential was already calculated into the stock price.
'Our best chance for further growth lies in German business,' he said.
'For this reason I can't understand why we are continually asked whether the bank will pull out from the country.'
Tyler.Sitte@afxnews.com ts/cml COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited