Under the new agreement, which replaces one that had been in place since 2000 governing Bank Austria’s functions in the HVB Group, Bank Austria will manage, within the UniCredit Group’s guidelines, the group’s banking network in central and eastern Europe. The only exception is operations in Poland, to be managed directly by UniCredit. Responsibility for Turkey, where UniCredit has an agreement with the Koc Group for a 50/50 partnership in banking and financial services, has yet to be allocated.
As a result of the agreement, Bank Austria will take over the banking subsidiaries and branches of UniCredit and HVB in this region.
“The new UniCredit Group is the first truly European bank,” says Alessandro Profumo, chief executive of the group.
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