Italy's UniCredit sees housecleaning on home turf

07/28/2008 | Financial Times (free content)

UniCredit's deputy chief executive thinks the Italian bank has weathered the past year's banking turmoil better than many competitors. The group will report second-quarter results Friday. Its Wall Street rivals recently announced fresh waves of writedowns. Competitors pointed out that UniCredit is one of the few banks that has not taken charges against its €9.5 billion portfolio of leveraged finance. Half of the portfolio is outstanding loans, and most of the rest is debt from the private-equity buyouts of pharmacy chain Alliance Boots and fashion house Valentino.

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