OREANDA-NEWS. On 27 March 2009 was announced, that an overview about the very positive - both in content and tonality - media coverage that our Group received after the presentation of the 2008 results.

Financial Times and Wall Street Journal, the two main financial newspapers, were positive on UniCredit Group results.

FT reported that “Euro 4 bn net profit vindicates group’s profit forecast”, a sign that we delivered what we anticipated.

Three important quotes of Mr. Profumo are included in the FT story:

1. The results show that we have a very, very resilient commercial business,

2. Problems in Central and Eastern Europe should not be underestimated, but UniCredit’s business is very diversified.

3. Applying for government instruments would allow UniCredit to compete on an equal basis with rivals that have received cash injections from their governments

The FT also focused on the decision to consider application for government bonds, a move that Italian papers developed the day before. With a headline such as “UniCredit eyes aid from two States”, the FT writes that by seeking government bonds in Italy and Austria we may set a precedent for cross border banks. This angle can be seen as an explicit recognition of the European dimension of some banking groups in Europe and the necessity to deal at a cross border level also in finding solutions to the global crisis. 

Two authoritative columns in the anglo-saxon press were also quite positive. Heard on the Street (WSJ) says “UniCredit won’t wreck”, while Breakingviews writes about us that we are “Still standing”.

In Italy, Il Sole 24 Ore - the leading business paper - highlighted the Euro 4 bn consolidated net profit as a proof of the good health of UniCredit, and praised Alessandro Profumo as a banker who could deliver results despite the global financial crisis. The paper reports a strong headline – “Italy must be proud of its banks” – which means a lot in the Italian context, in which banks were heavily criticized by the public opinion in the last few months. The headline is therefore an acknowledgement of UniCredit’s role in the economy and in society.

You can find the article as an attachment at the end of this news.

Last but not least, the FAZ in Germany – “With praise but without bonus” – writes that we have acted as a careful bank and a respectable one as well, by waiving the performance related bonuses in 2008, in stark contrast with the quarrels going on in Corporate America. Mr. Profumo – says FAZ - and his team could still earn a bonus for delivering good results despite the difficult landscape.