GENERAL MEETING DRAFT - Bankier.pl

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As already indicated, the main action taken by the UniCredit Group in response to the gradual
deterioration of the international economic situation was to change the business model targeting corporate
and institutional customers by combining and then reorganizing the previous Corporate and Markets &
Investment Banking Divisions into the new CIB with the aim of having a more efficient dialog,
understanding the needs of customers, improving product and service quality and mitigating risks by
taking a global view of a customer relationship.�
This change was combined with the repositioning of structures and operations connected with financial
markets under the Markets Product Line, which started in 2008 and is being implemented on the basis of
three fundamental principles: (i) a major emphasis on customers and core products; (ii) consolidation and
centralized management of non-core portfolios based on downsizing and rationalization principles; (iii)
optimization and efficiency improvements in all other business activities.
In particular, the main initiatives carried out by Markets in 2009 were as follows:
� completion of the process to change and/or strengthen the leadership position of sub-areas/portfolios
that suffered the greatest impact from the crisis and are still managed on an interim basis after the
restructuring started in 2008 (especially in FX and Rates);
� further reclassification, begun in 2008, of financial assets originally classified as "held for trading" and
"available for sale" to "loans to customers" or "loans to banks" made possible by the revision
introduced in IAS 39 and IFRS 7, which was approved by the International Accounting Standards
Board (IASB). This was done in order to adjust reporting to reflect the low liquidity of these
instruments, and at the same time, minimize the potential volatility of income statement profits that is,
in fact, the result of the previously noted scarce liquidity of the instruments;
� repositioning of the portfolio and simplification of Active Credit Portfolio Management (ACPM)
operations. This process started in 2008 with the resulting transfer of the entire Financing & Advisory
business, with the exception of investment portfolios and hedging positions attributable to risk
management needs;
� a significant reduction in non-core operations and portfolios (over €13bn), made possible in part, as
noted above, by their centralized management;
� reduction in the volume (inventory) of market making activities;
� consolidation of risks assumed in trading activities, mainly by concentrating them in two hubs in
London and Munich, in order to ensure better oversight and control;
� rationalization of the international network;
� gradual alignment of IT systems to the needs of the business and the resulting reduction of gaps with
resources used by the Group's main competitors;
� implementation of the plan to optimize staff (overall reduction of FTEs with the targeted hiring of
highly qualified staff) with the aim of efficiently addressing a changing, competitive market.
In addition, in 2009 the strategic plans aimed at combating the crisis and the business initiatives initiated at
the end of 2008 were fully implemented, and new measures to support businesses were introduced. In
particular:
� loan products with preferential terms: Again in 2009 CIB placed its usual emphasis on these products
due in part to a renewed and greater commitment on the part of governments (especially in Germany
and Austria) to issue guarantees to banks that had provided loans to companies as a part of new
lending programs. In Italy, the range of products offered to customers was expanded, new funds were
used from the Guarantee Fund, and the Group took advantage of the new role of the Cassa Depositi
e Prestiti. It should also be noted that Leasing continued its commitment to underwrite lending limits
with the European Investment Bank (EIB) in order to provide loans to customers under finance leases
with competitive conditions as a result of funding under preferential terms;
2009 CONSOLIDATED REPORT AND ACCOUNTS
74