Unicredit’s Strategic Plan Is Appropriately Aggressive; Italian Banking System Should Benefit
UniCredit’s long-awaited strategic plan for 2016-19 addressed many of the key issues on costs, nonperforming exposures, and capital that we have been concerned about, and the EUR 13 billion capital raise is scheduled for January. We plan to maintain our no-moat rating for the bank, and will adjust our EUR 3.50 fair value estimate as pricing for the raise becomes clearer, but we do not expect a material move, as our model assumes a EUR 10 billion raise and asset sales to close a EUR 15 billion ca...Unicredit is a pan-European commercial banking group based in Italy. Co. is engaged in the provision of in-branch and online corporate and investment banking services, providing customers with access to banks in 14 core markets as well as to an another 18 countries worldwide. Co.'s operations are organized along six business lines: Commercial Banking Italy; CEE Division; CIB; Commercial Banking Germany; Commercial Banking Austria; and Asset Gathering. Co.'s European banking network includes Italy, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Slovakia, Slovenia, Serbia and Turkey.
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