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IN CONCLUSION …<br />
In the new scenario, value creation will come from<br />
a combination of restructuring activities in mature markets and growth<br />
opportunities in fast-growing and under-penetrated markets<br />
exploitation of commercial banking activities<br />
UniCredit is well positioned in this landscape, enjoying Europe’s #1 banking<br />
franchise and a well diversified geographical presence<br />
In this context CEE represents a significant growth engine for the Group as:<br />
it is today granting UCG a substantially higher growth than Western Europe<br />
it represents a sort of “natural hedge” against the negative impacts of the<br />
international crisis<br />
To manage at best growth in this area we have to:<br />
adopt a flexible approach which takes into account the evolution of the crisis<br />
consider the adoption of a more balanced approach between lending and<br />
deposit businesses (more selectivity in lending)<br />
optimize funding at the regional/global level<br />
be focused on risk management which is going to be a crucial capability in the<br />
next years<br />
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