Unicredit beefs up management of Russian subsidiary for future development
LONDON. May 18 (Interfax) - Unicredit Group plans to boost its presence in Russia and is therefore beefing up its management team at Russia-based Unicredit Bank, the group's head for Central and Eastern Europe, Gianni Franco Papa, told journalists on Friday.
"We want to strengthen our presence in Russia. Therefore, we also want to strengthen the local management," he said.
It was earlier reported that the head of the group's Serbian operation, Klaus Privershek, might become deputy chairman of Unicredit Bank's managing board. His candidacy is now under review with Russia's Central Bank.
Papa declined to comment on several media reports that Privershek's appointment indicates a change of leadership at Unicredit Bank. The Russian bank is now currently head by Mikhail Alekseyev.
"The group entirely trusts Mikhail Alekseyev. The group has been lucky with him but we want to support him. Therefore, we've proposed intensifying Unicredit Group's presence in the country," Papa said.
"Why not we discuss this in a year? We'll see what happens. Rumors are useless for me. We rely on facts and they say that we want to develop in Russia. We want to strengthen our presence in the country. We want to strengthen our management," Papa said.
Alekseyev earlier said that Privershek would be under his management and not that of the group. He also said that his new deputy would oversee retail operations and the bank's support department.
At the start of May, a member of Unicredit Bank's managing board, Eduard Issopov, who oversaw retail operations, left the bank. He had worked at the bank for around 19 years. Several employees from the bank's retail division followed his departure.
Papa expressed regret that several of these employs are leaving the bank, adding that a change of personnel can happen at any bank.
Unicredit Group intends to continue investing in its Russian subsidiary. 'This is part of our plan if one wants to grow in the country," Papa said.
Unicredit Bank was eighth biggest bank by assets in Russia for the first quarter of 2012 according to the Interfax-100 ranking, compiled by the Interfax Center for Economic Analysis. Unicredit Bank Austria AG, which is part of Unicredit Group, owns 100% in the bank.