May 11, 2016 / 8:43 AM / 3 years ago

Unicredit's HVB unit doesn't see Brexit happening

A CCTV camera is pictured next to the logo of UniCredit SpA's German unit HVB (Hypovereinsbank) in Munich November 29, 2012. REUTERS/Michael Dalder

FRANKFURT (Reuters) - Unicredit’s (CRDI.MI) German unit HVB is not bracing for a potential departure of Great Britain from the European Union or Brexit as it sees that as an unlikely event, its Chief Executive said.

“We are not preparing for that. We do not expect that a Brexit will happen,” Theodor Weimer said on a conference call to discuss first-quarter earnings.

The European Central Bank has asked large euro zone banks to detail how they are preparing for a British exit from the EU, including how they would deal with the shock to markets and any changes they would have to make to their business models.

Reporting by Christian Krämer; Writing by Arno Schuetze; Editing by Maria Sheahan

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