UniCredit has no date for revised financial targets

MILAN Fri May 10, 2013 11:47am EDT

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MILAN May 10 (Reuters) - Italy's biggest bank by assets, UniCredit, does not have a timetable to present revised financial targets as markets are still too volatile, its chief executive, Federico Ghizzoni, said on Friday.

UniCredit said in March that because of a very difficult economic environment it will have to review its business targets.

Ghizzoni said the bank had not yet started paying back 26 billion euros ($34 billion) of cheap funds it took from the European Central Bank, opting instead to use liquidity to buy back its own bonds.

The bank also increased its holdings of Italian government bonds to 46 billion euros, up 3 billion from the end of March, Ghizzoni said. ($1 = 0.7637 euros) (Reporting By Silvia Aloisi, editing by Danilo Masoni)

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