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UniCredit extends Kepler Capital Markets strategic alliance to Central and Eastern Europe (CEE)

UniCredit extends Kepler Capital Markets strategic alliance to Central and Eastern Europe (CEE)

  • Warsaw to become UniCredit's cash equity CEE hub as a result of the extended co-operation with Kepler Capital Markets
  • Reorganisation of cash equity business in Romania, Russia, Turkey, London and New York
  • Equity capital markets remains fully within UniCredit


UniCredit today announced that it has entered into a co-operation with Kepler Capital Markets (Kepler) to extend its exclusive cooperation in the cash equity business to Central and Eastern Europe. The co-operation is part of the reorganisation of UniCredit's global cash equity activities initiated in November last year.


Under the new terms, Kepler will distribute UniCredit's CEE cash equity research as well as UniCredit's equity capital markets transactions originated in the region to international institutional investors. UniCredit's equity capital markets origination capability remains unchanged and very much part of its core offering to clients in the region. The co-operation, which is taking effect immediately, is subject to the relevant regulatory approvals.


Jean Pierre Mustier, Head of UniCredit Corporate & Investment Banking, said: "The strategic alliance between UniCredit and Kepler announced in November last year is working very well for both parties and is benefitting UniCredit clients and shareholders. Therefore, it is a natural next step to expand this co-operation to our Central and Eastern Europe operations".


UniCredit's Equity Capital Markets (ECM) capability remains unchanged across the region with ECM continuing to be an important part of UniCredit's core client offer. Furthermore, UniCredit's entire capital markets team remains in place, forming an integral part of the Group, continuing to provide a full range of ECM services and products to its clients.



Warsaw becomes UniCredit's cash equity CEE hub in the extended agreement with Kepler Capital Markets


UniCredit's leading equity business in Poland which comprises secondary cash equities, research and ECM remains unchanged and continues to be a core part of the Group. Based on the extended co-operation, Kepler will distribute UniCredit's CEE cash equity research (including Polish produced research products) as well as UniCredit's ECM deals from the region to international investors. UniCredit's Warsaw hub has an outstanding track record and has held leading positions in global league tables in broking, ECM and M&A for over ten years.



Reorganization of cash equity business in Romania, Russia, Turkey, London and New York


In Turkey, UniCredit will enhance the co-operation with its well-established Yapi Kredi Bank and will reorganize its cash equity business and ECM origination and distribution. These will be offered through Yapi Kredi Yatirim Menkul Degerler A.S.

In Romania, to leverage on the synergies with our local bank, the cash equities business (including Research) will be transferred over time to UniCredit Tiriac Bank, subject to regulatory approval.

In Russia, UniCredit will integrate its capital markets activities into ZAO UniCredit Bank, thus benefitting from the full potential of its significant banking operations in the region. However, as part of the reorganisation, UniCredit will exit the Russian cash equity brokerage business and research with immediate effect.

In addition, UniCredit will cease to provide CEE cash equity business in New York and London with immediate effect. In total, the reorganization affects approximatively 95 of UniCredit's employees worldwide.

Jean Pierre Mustier added: "By streamlining our equity value chain we are building on the success of the alliance with Kepler and on the excellence and leading market position of our Warsaw regional hub in the region as well as on the strong local expertise of Yapi Kredi Yatirim in Turkey. We are confident that this will enable us to provide the best service to our clients in CEE; thereby confirming once again our commitment to the region, our core client offer and our strategy".


Commenting on the extension of the strategic alliance to CEE, Laurent Quirin, CEO of Kepler, stated  'Kepler's international distribution complements UniCredit's broad local footprint in the region. This complementarity is a winning proposition which follows on from our successful co-operation on Western European equity research and ECM distribution. Today's announcement reinforces Kepler's status as Europe's leading independent provider of research and cash equity services to institutional investors.'



Milan, 01 June 2012





UniCredit is a major international financial institution with strong roots in 22 European countries and an overall international network present in approximately 50 markets, over 9,400 branches and 159,000 employees as of 31 March 2012.


In the CEE region, UniCredit operates the largest international banking network with nearly 3,900 branches.


The Group operates in the following countries: Austria, Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Germany, Hungary, Italy, Latvia, Lithuania, Kazakhstan, Kyrgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.



Kepler Capital Markets


Kepler Capital Markets is a leading independent European financial services company specialised in intermediation and advisory services. The company is 53% majority owned by employees and management and 47% owned by minority investors: la Caisse des Dépôts, Gruppo Banca Leonardo, Crédit Mutuel Arkéa and BlackFin Capital Partners.  The group consists of 370 employees.  Kepler is active in equity research and brokerage, fixed income, derivatives, structured products and corporate finance.  KCM has built a reputation for the quality and independence of its research and intermediation via its multi-local platform in Amsterdam, Frankfurt, Geneva, London, Madrid, Milan, Munich, Paris, Vienna, Zurich and New York.

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