MILAN, July 8 Italy's Unicredit will
rely on partnerships with local banks to fill in the gaps in the
emerging markets of Asia and Latin America rather than
developing a full business there, its head of investment banking
told the Financial Times.
"In the U.S., Asia or Latin America, it doesn't make sense
for us to develop a fully fledged presence," Jean-Pierre
Mustier, head of Unicredit Corporate Investment Banking, told
"What we can do, a bit in the spirit of what we did with
Kepler (for equity research), is strike agreements with other
banks where they can service our clients."
Under Mustier's management the Italian lender outsourced
equity research and sales to pool its business with that of
independent brokerage Kepler.
Following the same strategy the lender may strike
partnerships with local banks in Asia or Latin America, offering
in exchange a reciprocal deal with its unit in Italy, Germany or
At the same time, Unicredit's corporate and investment
banking will focus on "transaction banking", such as cash
management and export finance.
"In the 1990s, the battlefield was about derivatives; in
2013 it's about transaction banking. This is where profitability
will be generated," Mustier said.
(Reporting by Francesca Landini; Editing by Louise Heavens)