UniCredit said that it would stop basic banking services to APAC units of its European clients in an effort to streamline its international presence and operations besides cutting costs. It would close down its Tokyo, Shanghai and Singapore branches and only maintain a branch in Hong Kong. However, UniCredit would continue to support Asian corporate and financial institution customers in their investments and business in Europe, entrusted to its Hong Kong branch.
UniCredit’s dollar bonds were trading stable with its 8% Perp at 109.04, yielding 3.96%.
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