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March 23, 2011updated 04 Apr 2017 3:51pm

UniCredit AUM up 9%, cost-income healthy

UniCredits private bank logged assets under management (AUM) of 38.5bn ($54.4bn) at year-end 2010, a 9% increase compared to the year to December 2009 The European private bank unit reported a 57.5% increase in profit before tax to 63m at the end of 2010, while its cost-income ratio fell 6.4 percentage points year-on year to 68% The bank has about 250,000 private banking clients with a minimum required net worth of 500,000 in Germany, Austria and Italy and PLN1m ($350, 000) in net worth for clients in Poland

By Eman El-shenawi

UniCredit’s private bank logged assets under management (AUM) of €38.5bn ($54.4bn) at year-end 2010, a 9% increase compared to the year to December 2009.

The European private bank unit reported a 57.5% increase in profit before tax to €63m at the end of 2010, while its cost-income ratio fell 6.4 percentage points year-on year to 68%. 

The bank has about 250,000 private banking clients with a minimum required net worth of €500,000 in Germany, Austria and Italy and PLN1m ($350, 000) in net worth for clients in Poland.

 

Operating profit up 38%, more FTEs 

The private bank added 48 full time equivalent (FTE) employees in the fourth quarter of 2010, bringing the total to 3,074, which include about 1,300 relationship managers.

The bank said that a 38% increase in operating profit to €65m was driven by double digit revenue growth in 2010.

The private bank accounts for 3.1% of the UniCredit Group total revenues.

UniCredit focuses its core private banking operations in Italy, Germany, Austria and Poland and has an international arm based in Luxembourg.

The bank has 250 private banking branches across Europe and is active in more than 20 countries.

 

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