In times of crises, banks, too, have their role to play to restore credibility. This was the key message that Alessandro Profumo delivered in his speech at the prestigious annual congress of financial operators. UniCredit was the main sponsor of the event, which featured Ms Letizia Moratti, mayor of Milan, Mr Roberto Formigoni, governor of Lombardy and Mr Mario Draghi, governor of the Bank of Italy, who held his first official speech of the year there.
Uncertainty on the financial markets has generated an unprecedented crisis in confidence that is threatening the financial system's credibility as well as its reputation. It is necessary to restore sufficient trust in the markets. Banks have their role to play by providing the necessary support to those initiatives that are economically most viable.
In his speech Alessandro Profumo also added that to overcome the crisis it is necessary to have a higher degree of coordination between government and institutions responsible for the international governance and that it's important for banks to review their business models and focus mainly on commercial banking activities. In short, banks have to run a sustainable business.
On the sidelines of the event the CEO also added that he is confident that the Group will reach its 2008 expected net profit of about EUR4 billion.
|Alessandro Profumo's speech||34kB|
|Mario Draghi's speech||59kB|