23 June 2020

Speaking to investors at the Mediobanca Italian CEO Conference, Jean Pierre Mustier highlighted UniCredit's ability to manage the Covid-19 crisis and capture opportunities as lockdowns are lifted

2:00 min

CEO Jean Pierre Mustier spoke to investors and analysts at this week’s Mediobanca Italian CEO Conference. The event, held virtually for the first time, gathers prominent Italian financial institutions to share their views on the current state of economy and markets.

In a ‘fireside chat’ with Andrea Filtri, co-Head of European Equity Research at Mediobanca, Jean Pierre highlighted the successful delivery of Transform 2019 in an economic environment that was much more difficult than what was originally expected. “Transform 2019 clearly showed that we execute, we are transparent and we favour long-term sustainable outcomes over short-term solutions,” he said.

Jean Pierre said that UniCredit entered the Covid-19 crisis in a position of strength because Transform 2019 de-risked the bank and strengthened its capital position. “At the time, not everyone agreed with this conservative approach but recent events have vindicated our strategy,” he said.

“All crises come to an end but the exit path from lockdown is uncertain and will differ by country,” Jean Pierre added. “Just as Phase 1 had different impacts on our various markets, Phase 2 will see countries follow different paths to normalisation. Our diversification is a clear advantage.”

He concluded that, “whether the recovery is V, U, L or W shaped, thanks to the success of Transform 2019, UniCredit is in a strong position to manage the Covid-19 crisis and to capture opportunities as lockdowns are lifted.”