ADVERTISEMENT

UniCredit says activities in Hungary to continue unchanged

Deals

UniCredit’s activities in Hungary will continue unchanged, the bank’s Hungarian unit told MTI on Monday, after reports the parent was set to announce a €7.5bn capital raise.

As announced earlier, Unicredit Bank Hungary has suspended plans to expand its network of branches for the time being, but other developments are continuing uninterrupted, the bank said. The unit added that its capital adequacy ratio - the second-highest in Hungary - is well over the domestic and the international requirements.

Reuters reported late Sunday that UniCredit will announce a €7.5bn rights issue, thousands of job cuts and the exit from its London-based equity sales and trading business to shore up its capital, citing sources close to the matter. UniCredit CEO Federico Ghizzoni is expected to detail the plan on Monday, Reuters said.

ADVERTISEMENT

Regional income disparities remain pronounced Analysis

Regional income disparities remain pronounced

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

FAO–Food Bank convoy delivers food to those in need City

FAO–Food Bank convoy delivers food to those in need

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.