The ratings on UniCredito Italiano SpA (UniCredito) reflect the group's strong market position in Italy, credible strategy, and sound financial profile. These positive factors are partially offset by the risks inherent in the group's moves into the particularly volatile markets of Eastern Europe. Ranking among the top three leading banking groups in Italy, UniCredito has an excellent business position. Its profile is dominated by retail-banking activities in the group's home market, with a strong local franchise in three of the four main regions of northern Italy. UniCredito has selectively strengthened its wholesale-banking operations, through the development of some niches in investment banking within UniCredit Banca Mobiliare (UBM) and the latter's subsidiary, TradingLab, and through the acquisition of Pioneer, an asset
