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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.

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