UniCredit: Central and East Europe to emerge from the downturn sooner than West Europe

The Central and East European economies are starting to recover, and the region will come out of the financial crisis before West Europe, UniCredit chief executive Alessandro Profumo declared, quoted by Reuters. He warned against the exaggerated optimism in Central and East Europe, but mentioned that „we cannot say that there will be a proper boom, but we see signs of recovery”.

„This is a region that will certainly emerge from the crisis before West Europe”, Alessandro Profumo added.

Unicredit is the largest credit institution in central and East Europe, gaining 20% of the total incomes coming from the region. The Italian group is also present on the Romanian market through UniCredit Tiriac Bank and several specialised financial services companies.