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UniCredit Group welcomes measures taken to support confidence in the financial system of Hungary

UniCredit Group welcomes the measures finalised today supporting the financial systems of Hungary. The Hungarian government and the National Bank of Hungary together with the European Union (EU) and the International Monetary Fond (IMF) approved immediate steps to restore confidence in the Hungarian financial system.

Erich Hampel, Chairman of Austria and the CEE Region of UniCredit Group, says, "We welcome the measures taken by the IMF, the EU and the Hungarian authorities to restore confidence in the Hungarian market. The negative sentiment temporalily noticeable in Central and Eastern Europe and also in Hungary, does not reflect the enormous potential of the region and the underlying growth possible in the respective economies. Our long term commitment to Hungary started centuries ago and we will continue to support the growth of the Hungarian economy, specifically to support our subsidiary in Hungary and our clients’ needs both in forints and when adequate in Euros."

"Hungary has already been pursuing a very tight and successful fiscal correction plan in the last few years, bringing down its budget deficit over GDP from 9.2% in 2006 to an anticipated 3.6% in 2008 and enabling economic growth to accelerate again to 2.0 % in 2008 from to 0.8 % in 2007," Erich Hampel explains. "UniCredit Group welcomes the measures taken by the local and international authorities, which will help stabilize the situation in Hungary.  Such strong and coordinated intervention will help to restore confidence in the market."

About UniCredit Group
With total assets of more than €1,060 billion, ranking among the top financial groups in Europe, UniCredit has a presence in 22 countries, with over 40 million clients, around 10,000 branches and some 180,000 employees.
In the CEE region, UniCredit operates the largest international banking network with around 4,000 branches and outlets, where around 83,000 employees serve more than 28 million customers.
The Group operates in the following countries: Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Kazakhstan, Kyrgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.

Requests:  Communications CEE 
Silvana Lins  
Phone: +43 (0) 50505 56036 
E-mail : silvana.lins@unicreditgroup.at

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