UniCredit Reduces Asia Pacific Footprint
January 19 2022 - 4:36AM
Dow Jones News
By Cristina Roca
UniCredit SpA will stop offering banking services to
Asia-Pacific subsidiaries of its European clients as part of a
strategic push to streamline its international business, it said in
a statement Wednesday.
As a result of the move, UniCredit will close down its Tokyo,
Shanghai and Singapore offices, as well as representative offices
in Seoul, Hanoi and Mumbai, a person familiar with the matter told
The Wall Street Journal. It didn't say how many employees would be
affected by the move.
"UniCredit will continue to support Asian corporate and [fixed
income] customers in their investments and business in Europe," the
Italian bank said.
The reduction of UniCredit's Asia footprint, first reported by
Reuters on Tuesday evening, is part of the bank's new strategy to
simplify and regroup the bank's operations.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
January 19, 2022 04:21 ET (09:21 GMT)
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