(Updating with further CEO comments)
MILAN (Thomson Financial) - UBI Banca CEO Giampiero Auletta Armenise said
results in 2008 will be consistent with targets set in the company's business
plan only if the best case-scenario is confirmed.
"When I say best-case scenario I mean interest rates in Europe stable at
about 4 pct and a significant slowdown in growth, but not recession," Armenise
said in a conference call to present full-year results.
He said a 50 basis point cut to Eurozone interest rates would reduce gross
revenues by 100 mln eur.
He also said UBI is interested in continuing cooperation with asset
management company Arca SGR, in which UBI has a stake of above 26 pct. But, he
added that it is waiting for Arca's main shareholders to clarify its strategy.
On branch acquisitions, Armenise said: "we are interested in analysing any
opportunity but with caution. We don't think it is appropriate to overvalue
branches."
Asked whether there are updates about UBI's possible interest in a further
phase of mergers among Italian cooperative banks, he said "no" confirming a
"wait-and-see" approach to the issue.
On dividend, he said the targets set in the business plan are achievable and
can even be surpassed.
He also said UBI wants to keep its Core Tier 1 ratio above 6.5 pct.
danilo.masoni@thomson.com
dm/kf1/dm/sal
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