Italian financial services firm UniCredit is planning to add nearly 40 new branches to its retail banking branch network in Czech Republic, according to the Bloomberg.
The Italian bank already operates 60 branches in the Czech Republic.
According to Bloomberg, UniCredit is also planning to expand its franchise network to 90 outlets, particularly in smaller cities.
UniCredit Czech chief executive Jiri Kunert said that UniCredit is serious about the region and expect the retail banking to grow.
Kunert added that people’s wealth will keep growing, so the demand for banking products will continue to rise. The bank will be able to test certain products that can then be expanded into other countries in the region.
Federico Ghizzoni, who replaced Alessandro Profumo as UniCredit’s CEO in September, aims to outline a new business plan to the board by the end of the year, allocating more capital to central and eastern Europe, where third-quarter profit more than tripled.