Italy's UniCredit not worried about E. Europe-CEO

MILAN Sat Feb 21, 2009 10:28am GMT

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MILAN Feb 21 (Reuters) - UniCredit (CRDI.MI) Chief Executive Alessandro Profumo said on Saturday he was not worried about eastern Europe despite the crisis sweeping across the region. "Eastern Europe does not worry us," he told reporters on the margins of a business conference.

"We are aware of the situation in this area but we think that there has been significant 'overshooting'," he added.

UniCredit is the biggest lender in central and eastern Europe and its shares have fallen to 12-year lows partly due to investor concerns about its exposure to the region and its emerging economies.

UniCredit gets about a quarter of its revenues from eastern and central Europe.

It is Italy's second biggest bank by market value. (Reporting by Gianluca Semeraro)