Italian bank UniCredit is seeing a net inflow of private banking clients and new assets despite the global financial crisis, the head of its wealth management unit said, according to Reuters.

"In general terms, we are positive in terms of net inflows," Dario Prunotto, chief executive of UniCredit Private Banking said at the Reuters Wealth Management Summit.

"The business will be affected in terms of lower flow of revenues; that we can compensate for only with our pace of growth to be continued and with more attention on the cost side," Mr Prunotto said.

He said plans to develop UniCredit's private banking business in markets such as eastern Europe had not been put on hold due to market turmoil, adding the focus was on leveraging its existing presence there rather than seeking acquisitions.