Unicredit where it's due

12 November 2008 By Rachel Sanderson

The Unicredit boss has made some strategic errors but a good set of third quarter results shows he s still a strong manager. Politicallymotivated attempts to force his ouster wouldn t just be bad for Unicredit. Italy would risk looking hostile to independent enterprises.

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Unicredit, Italy's second largest bank by market share, registered a 54% fall in third quarter net profit compared with a year ago. It said the figures were impacted by the dramatic conditions in the financial markets".

The group said it benefited from its geographical and sector diversification. Unicredit has expanded its reached beyond Italy and diversified its business portfolio under the leadership of Alessandro Profumo, its chief executive.

The bank's shares rose 5% in morning trade on November 12, outperforming a fall in the DJ Stoxx index of European banks.

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