UniCredit’s Italian Business ‘Lost 50 Million Euros’


Inquiring minds are looking at The Boot’ tonight where Italy’s international banking giant, UniCredit, lost quite a bit of money last year:

UniCredit, Italy’s largest bank, lost 50 million euros last year in Italy on 9.78 billion euros in revenue, according to a Tuesday report in financial daily Il Sole 24 Ore.

Citing a presentation by general manager Roberto Nicastro, the Milan-based bank this year aims to earn 594 million euros on revenue totaling 10.12 billion euros.

Operating costs were 5.65 billion euros last year, according to the report.

The company will announce 2010 results on 23 March.

UniCredit is merging seven units in Italy into the central bank. Internationally, it aims to boost its business by expanding in central and eastern Europe.

UniCredit operates in 22 European countries and 50 countires worldwide.

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