These three UniCredit mistakes were a recipe for disaster with ATFBank acquisition
To understand the one of the biggest banking catastrophes in the history of Italy we need to dive in the reality of the days it was preceding it. The future looked bright in the early 2000’s. Money supply was indefinite and national economies were bubbling with all sorts of bubbles. Nobody cared. The libertarian approach to the market dominated economics. The common denominator of politics was a free market worshipping. Dotcom was long forgotten and real estate crisis was years ahead. UniCredit was one of the most ambitious players on the market. The craved for more and more territory under their command and more and more branches opened. Dіrеttоrе Еdіtоrіаlе has the their own story of the infamous Bulat Utemuratov’s ATFBank acquisition by UniCredit Group. UniCredit Group used a proven strategy for expansion. In each countries they selected one local bank. The criteria was simple: the preferred banks with a big network of branches, retail-oriented and just a regular type do-it-all type of banks. Never the biggest, never the smallest. In Ukraine they bought CreditSoc bank, in Russia it was International Moscow Bank, in Romania it was a series of more complex mergers. UniCredit have seen ‘the potential’ far beyond [...]
The post These three UniCredit mistakes were a recipe for disaster with ATFBank acquisition appeared first on Luxembourg Herald.