Following the spin-off of part of the Private Banking Units of UniCredit Luxembourg to DZ Privatbank in 2010, UniCredit Luxembourg implemented a new strategy in 2011, focusing on the needs and requests of (U)HNWI (Ultra High Net Worth Individuals) and offering tailored-made services and solutions. Additional efforts concentrated also on Corporate and Investment banking activities, which together with Markets operations significantly contributed to overall results and continue to be the backbone of bank’s operations.

The year 2011 ended for UniCredit Luxembourg with a net profit of € 213.8 million vs € 236.1 million in 2010. Operating profit of UniCredit Luxembourg slightly decreased in 2011 by € 10.8 million to € 277.0 million. However, on a pro-forma comparable basis, operating profit was better than previous year. Thanks to effective cost management, operating costs fell by 47.4% to € 40.1 million. Cost/income ratio improved to 12.6% from 20.9% last year and ROE was 16.6% (-1.7%). Solvency ratio remains at a comfortable 13.5%, with Core Tier1 at 11.0%.

Thanks to this result, UniCredit Luxembourg’s shareholders passed a resolution in their annual General Shareholders’ meeting on 14 March 2012 approving the distribution of a dividend of € 213.8 million to its shareholder, UniCredit Bank AG.

The Shareholders’ Meeting confirmed KPMG Luxembourg as external Auditor for the financial year 2012.