MILAN : Italian bank UniCredit said on Tuesday it would no longer provide basic banking services to Asia Pacific units of its European clients under plans to streamline its international presence and cut costs.
"We will ... no longer offer account banking and other banking services to the Asia Pacific region subsidiaries of clients located in our core coverage regions," UniCredit said in reply to a Reuters request for comment. UniCredit will rely on correspondent banks to provide corporate services, such as transaction and foreign exchange, to European customers in Asia Pacific, it said.
By focusing on businesses that maximise returns in relation to the amount of capital they absorb, Orcel has pledged to reward shareholders with 16 billion euros in dividends and buybacks over the period.
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