GENERAL MEETING DRAFT - Bankier.pl

customer relation and the products on offer. Meanwhile, Schoellerbank continues to do business
as a separate legal entity in view of its strong brand recognition in the country;
� Finally, Private Bank International streamlining of the Luxembourg organizational structure,
completed on 1 August 2009, including the transfer of private commercial businesses by UniCredit
International Luxembourg to UniCredit Luxembourg SA (formerly HVB Luxembourg), generating
synergies from the integration of business and operating platforms.
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2010 will be a year of only modest expansion with cautious forecasts for the eurozone growth. It will at
any rate be a difficult year and the bank will need to be very selective in its investment decisions: equity
indices are expected to gain, while inflation should remain under control. Interest rates are not expected
to rise significantly, so the cost of money will remain substantially low.
In this environment, in part because it has fully implemented its European customer service model
focusing on customer relations in a uniform and integrated vision of investment and risk management, the
Private Banking Business Unit will concentrate on strengthening its asset management operations,
supporting the planned liquidity reallocation stage. This process will be accompanied by a new product
pricing policy and private bankers compensation policy in view of the new market environment, highly
correlated with the quality of service provided. In this environment, the profit and loss account should
benefit from such actions, especially commissions, while low interest rates will continue to influence net
interest income. The bank will continue to sharply focus on cost containment and improving organizational
and operating efficiency.
It is also important to highlight that the private banking business in Poland, co-ordinated by the business
unit as a project in 2009 in the context of the ongoing process of divisionalisation of Bank Pekao, will
make its full contribution to the Private Banking Business Unit’s operating performance starting from 1
January 2010, as an additional business line.
Finally, in the wake of the reorganization in Austria in 2009 and in coordination with the “One4C” Group
project, the Group is planning to reallocate customers with total financial assets higher than €500,000 to
the Private Banking Business Unit of HVB in the first half of 2010 and in Italy by year-end. This process
will be accompanied by actions to sharpen customer perception that UniCredit Private Banking is a single
international brand.
2009 CONSOLIDATED REPORT AND ACCOUNTS
82