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The profit of UniCredit jumped with 16%

The largest Italian bank UniCredit has managed to increase profit by 16% during the first three months of the year compared to the same period in 2009 due to increased revenues from securities trading. From the financial group announced that consider all strategic options for its links to asset management Pioneer Global Asset Management. UniCredit net profit for the first quarter was 520 million compared with the positive result of 447 million euros a year earlier. This was more than analysts estimated from 364 million euros. In February, the Italian bank issuing new shares to 4 billion euros to strengthen its capital base. Shortly thereafter assigned to UniCredit Bank of America Merrill Lynch to explore all opportunities to add value to its subsidiary asset management Pioneer Global Asset Management. Other alternatives to the Pioneer are selling IPO or a partnership agreement, according to sources, the situation started. Pioneer manages assets of 172 million euros and operates in 31 countries worldwide. Profit before tax for 2009 amounted to 287 million, which is 52% less compared to 2008.
Shares of UniCredit rose more than 2 percent of the stock exchange in Milan today, giving the bank a market capitalization of 38.4 billion.