Unicredit chief says bank plans to double its presence in China

ITALY’S biggest bank Unicredit plans to double its presence in China to secure growth in the market, its general manager said yesterday.

Roberto Nicastro said Unicredit will open new branches in Beijing, mid-west cities such as Chongqing and Chengdu, as well as along the coast to gain a greater foothold in Asia’s biggest economy.

“The Chinese market is crucial for us, we are ready to double our presence in the next few years,” Nicastro said in an interview in Italy.

“The Chinese market is booming and the outlook for European quality exports there is one of the very few truly exciting developments today.”

Milan-based Unicredit serves European clients in China through Shanghai and Guangzhou branches and a Beijing headquarters.