Reports
Italian Private Bank Posts Modest First Half Growth

Italy's Unicredit Private Banking posted net profits of €66 million ($91.5 million) in the first half of 2007, a 14.5 per cent increase over the same period in 2006. Operating income was €205.8 million, a year on year increase of 3.9 per cent, while operating profits rose 9.6 per cent to €103.2 million. Assets under management at Unicredit Private Banking reached €66.1 billion, a 3.9 per cent increase over December 2006. Including all the firm's subsidiaries, AuMs rose 3.3 per cent to €92.2 billion over the six months to the end of June. Unicredit Private Banking has operations in Switzerland, Luxembourg, the UK and San Marino, as well as Unicredit Xelion Banca in Italy, which brought in assets of €16.8 billion last year. Dario Frigerio, head of Unicredit's Private Banking and Asset Management division, said: “On the basis of the good results collected in the first half, Unicredit is confident that we will achieve the goals established for the year.” He also said the integration of the private business of Capitalia, which the firm acquired in May, would continue in the following months and is due to be completed during 2008. The deal will create Italy's largest bank by market value ahead of Intesa Sanpaolo.