UniCredit to build Warsaw into investment banking hub

By bne IntelliNews June 4, 2012

Tim Gosling in Prague -

Contrary to reports it is to close its CEE investment banking units, Italian banking giant UniCredit Group said it plans to build its operations in Warsaw into a regional hub.

UniCredit was reported in late May to be ready to close its investment banking operations in Russia and Romania, and pull back in Poland as well as Turkey. However, UniCredit CAIB Poland's chief executive, Jacek Radziwilski, told reporters on June 1 that, in contrast, the bank is about to launch a recruitment drive in Poland to hire more brokers, analysts and investment bankers.

The Polish unit will handle all CEE business with the exception of Turkey and Russia, he was quoted by Dow Jones as saying. "The situation on global capital markets means many people are moving," Radziwilski said, when asked whether it would be hard to convince potential employees to move to Warsaw. "Lots of people in the City [of London] are looking for work right now."

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