Unicredit : We are lowering our recommendation to Neutral
While Q3 results were disappointing at first sight, they did have the advantage on reflection of tackling two thorny issues: US sanctions and Turkey. The revision of capital ratio targets is modest and should allow the bank to maintain a comfortable buffer relative to regulatory requirements. The most visible impact of the Italian political crisis today is on the bank’s funding programme. This has been delayed at a time when the bank still needs to issue around € 7bn SNP/Tier 2 i...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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