|HVB Headquarters in Munich|
HypoVereinsbank (HVB) is one of the largest financial institutions in Germany and a member of the UniCredit Group. HVB employs about 18,000 staff who serve more than 8.5 million customers. The bank's business focuses on Germany with a strong presence in Bavaria. Its core competencies cover retail banking, corporate banking and commercial real estate financing, wealth management and international capital markets. HVB Group was formed in 1998 from the merger of Bayerische Vereins-bank A.G. and Bayerische Hypotheken- und Wechsel-Bank A.G., which were the two main Bavarian-based regional banks at that time. In 2005, UniCredit took over HVB Group for €19.2 billion, or $22.8 billion.
UniCredit Bank AG (former Bayerische Hypo- und Vereinsbank AG)
D - 80538 München, Germany
Munich, 23 March 2011
Today, UniCredit Bank AG (also referred to as HypoVereinsbank) presents its figures for 2010. HVB Group generated a very good profit before tax of around €1.9 billion in 2010, which was €616 million higher than the equivalent figure for 2009. The consolidated profit of €1,728 million which the Bank generated after tax was almost twice as high as the year-ago total of €884 million. This good performance can be attributed primarily to a reduction of more than half in net write-downs of loans and provisions for guarantees and commitments compared with 2009, to €632 million.
Segment results by division
The divisions contributed the following amounts to the very pleasing profit before tax of HVB
|Group totalling||€1,882 million.|
|Corporate & Investment Banking||€1,500 million|
|Private Banking||€123 million|