VIENNA (Reuters) - UniCredit (CRDI.MI), Italy’s biggest bank, would sell its Kazakh unit at the right price, the head of its central and eastern European operations said.
“It depends on the price. Generally speaking, it has to come to a crossroads which is price, which is the right buyer,” Gianni Franco Papa told journalists.
“If I look at how the situation was in Kazakhstan three or four years ago and what we have achieved in the last couple of years, I think that overall we are happy with the results of the bank,” he said.
Papa said the bank preferred to grow organically in eastern Europe rather than through acquisitions, although it would look at opportunities in Poland and Turkey.
“The only two countries that are attracting investments these days are Poland and Turkey,” he said. “If something comes up, we will look at it. We are not under pressure to buy. Our plan is for organic growth, not acquisition.”
Reporting by Georgina Prodhan