The group today announced its new organization chart for Unicredit Markets, focusing on simplification and consequent structural cost reduction. The stock lost 0.6 percent to 9.85 euros.

Meanwhile, the Italian group, led by the new Andrea Orsal, has been closing its business at the International Financial Services Center (IFSK) in Dublin for more than 25 years. 9 12.9 billion worth of operations transferred to Milan. Irish Times.

Unicredit Bank Ireland, founded in 1995 as the Credit Italian Bank (Ireland), is the Italian Group, mainly representing the Treasury and Liquidity Operations Manager. The subsidiary is chaired by Aidan Williams, a former investment banker.

“Unicredit has decided to shift its Irish subsidiary operations to Unicredit Spa through an integrated cross-border merger,” the bank confirmed today. milanofinanza.it. “This decision is part of a multi-global strategy to focus on trading activities and simplify operations.” “As a pan-European bank with branches in Western, Central and Eastern Europe, we will continue to provide the best solutions and services to our vast and growing client network,” the group added.

The Irish company had a net profit of 42 million euros last year, 72% higher than domestic forecasts, compared to 32 million euros in 2019, writes the Irish Times, which went to check annual accounts. The main source of revenue was the sale of some government bonds last summer, taking advantage of the high prices of the issues resulting from the acquisition of the European Central Bank.

The set capital ratio of 2020 was set at 81.3% (probably due to the fact that the Irish company had little contact with loans), which is higher than the European average of 15%. Uni Credit Bank Ireland paid a dividend of $ 32.2 million to the parent company in May, explaining that the ECB’s recommendation to European banks to be wary of coupons and repurchases until at least September 2021 does not apply in this case. money transfer.

The Irish daily explains that the quarterly report, now published by the Italian group, makes no mention of plans to disband the Irish business, which employs 28 people. A European Central Bank spokesman explained that Unicredit Bank’s merger with Ireland’s parent company was subject to regulatory approval by the European Central Bank and would not be effective until it was approved.

The case of Unicredit leaving Ireland does not seem isolated. Over the past decade, several foreign banks in Dublin’s financial centers have had their licenses returned. Holding companies are “trying to free up capital trapped in various foreign branches and make the group’s organization more efficient,” the Irish Times writes. Goldman Sachs and several German lenders did just that, including Desed Bank, Helaba and Commerce Bank. Danske Bank, Bank of Scotland and Rabobank also withdrew from the country following the Kovid crisis. In the coming months, Ulster Bank and KBC Bank have also indicated they want to leave the country.

Unicredit and German banks are part of a group of European credit institutions that created bank branches in Ireland in the 1990s. Thanks to the strong financial benefits Dublin has provided to foreign financial institutions. (all rights reserved)