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03.07.2008

Bank Austria’s Management Board specifies Three-Year Plan

  • Some 1,200 new branches in Central and Eastern Europe with 11,000 new employees
  • Efficiency enhancement and cost reductions in Austria

At the Capital Markets Day held on 26 June, UniCredit Group presented its Three-Year Plan for the banking group for the period ending in 2010. The master plan covers all 23 countries. Given the different economic forecasts for the various countries, UniCredit Group aims to enhance efficiency especially in the core markets of Italy, Germany and Austria while pursuing strong growth in Central and Eastern Europe (CEE). UniCredit Group is planning to unlock synergies in Western Europe across the Group, with a focus on Italy; in this context, staff numbers will be reduced by 9,000 (full-time equivalent).

In the CEE Division, which covers all countries in Central and Eastern Europe except Poland, with Bank Austria being responsible for banking activities in these countries, the Group will open 1,200 new branches and add 11,000 new employees. The total investment volume in the region will be some EUR 500 million. In Austria, the bank will make structural and process improvements, reducing staff numbers by 570 in the coming three years. These reductions relate to jobs without direct customer contact, there are no plans to reduce the number of employees in branches and in the sales network. As communicated previously, some 320 full-time jobs in the area of back-office and settlement activities within Administration Services will be transferred within the Group to Poland and Romania. With the introduction of Eurosig, the new common IT platform, full-time jobs in the IT sector will be reduced by a further 180. The number of jobs without direct customer contact in the bank is to be reduced by 70. On the basis of these measures, Bank Austria aims to improve its cost/income ratio from currently 52.2 per cent to 49 per cent in 2010.

The Employees’ Council and the bank’s employees have been informed of these objectives. Over the coming weeks, Bank Austria’s management will discuss the concrete implementation of these measures with the employees’ representatives and work to find well-balanced arrangements for all employees concerned.

Enquiries: Bank Austria Communications Austria
Martin Halama, tel. +43 (0)5 05 05 52371;
e-mail: martin.halama@unicreditgroup.at

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