November 7, 2019 / 2:22 PM / 12 days ago

UniCredit to keep assessing capital allocation country by country: CEO

FILE PHOTO: UniCredit bank logo in Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - UniCredit considers strategic all the 14 countries where it operates but will be continually analyzing how to best allocate its capital including on a country-by-country basis, the bank’s chief executive said on Thursday.

Speaking at a press conference after third-quarter results, CEO Jean Pierre Mustier said capital allocation would be “paramount” under a new four-year plan UniCredit will present on Dec. 3.

“Every country where the bank is present is strategic but we will also look at capital allocation,” he said when asked about whether its stake in Turkish bank Yapi Kredi (YKBNK.IS) was strategic.

He said the capital allocation analysis would be conducted “on a client basis, on a sector basis and a country basis.”

Reporting by Valentina Za; editing by James Mackenzie

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