Italian banking group UniCredit has announced restructuring of its Austrian retail business that is expected to reduce the unit’s costs by EUR300m by 2018.
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The bank said that the reduction would be achieved through reduction in the number of employees, and reduction in expenses related to IT and processing costs.
UniCredit also plans to trim the number of branches and instead offer larger branches, as well as focus on digital expansion.
Plans are also on for a significant adjustment of capacity in the corporate centre such as all back-office and support functions.
"UniCredit is therefore reconfirming its focus on the Austrian market and aims to develop the Austrian Commercial Banking business in a sustainable way, by leveraging on digitalization and streamlining of the organizational structure to improve the performance of the Retail business," the bank said in a statement.
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By GlobalDataLast month, the Italian lender had unveiled plans to restructure or divest its Austrian retail operations to boost profitability.
