The Group is committed to Luxembourg as a Financial Centre and will further develop its local operations. The future business of UniCredit Group in Luxembourg will continue to be comprised of Corporate Banking, Investment Banking as well as Private Banking. Beyond the strong position in its current markets, UniCredit Group in Luxembourg is going to focus on additional markets and areas for growth in the near future. The two banks will remain in operation, but with different business focuses.

Furthermore, in order to strengthen the brand recognition and group identity, it is envisaged to rebrand HVB Luxembourg to follow the UniCredit Group master brand.

In the context of the difficult market developments as a consequence of the financial crisis and in order to sustain long-term profitability, UniCredit Group in Luxembourg is currently negotiating a social plan with the responsible trade union - after having entered into an agreement with the workers councils. A particular focus shall be put on social requirements of the people. The number of employees concerned in both Luxembourg entities will not surpass 60. The final figure will be the result of the further negotiations.

UniCredit Group is confident that the measures taken will support the economic development of the bank and develop its local entities for the future.

HVB Luxembourg