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UniCredit Centralizes Baltic Activities in line with its Strategic Plan

 

As part of the implementation of its strategic plan launched at the end of 2011, and specifically regarding the plan's "CEE (Central Eastern Europe) Business Refocusing" and "Cost Management & Simplification" pillars, UniCredit will streamline its presence in the Baltic states by concentrating its operations in Latvia. 

 

The project was approved by the shareholding body of AS UniCredit Bank in Latvia, the Group's main legal entity in the Baltic countries, and is being aligned with relevant regulators. It will centralize the banking operations of Estonia, Latvia and Lithuania into one country - Latvia, where the organization's head offices are legally registered.

 

Centralization is expected to be complete in the middle of 2013, when AS UniCredit Bank plans to close its branches and corporate offices in Estonia and Lithuania. Currently, the Group is present in the Baltics, with one head office in Latvia (Riga), two branches in Estonia (Tallinn) and Lithuania (Vilnius), and two corporate offices in Lithuania (Klaipeda and Kaunas).

 

UniCredit will continue to serve its clients through the new centralized structure in the Baltics countries.

 

The Group believes this strategic decision will lead to increased internal efficiency of  activities in the region through the optimization of its organization and cost structure. It will create synergies in terms of efficiency, balance sheet and liquidity management.

 

 

 

Milan, 29 January 2013

 

 

 

Milan, 29 January 2013