OREANDA-NEWS. On 31 March 2009 was announced, that UniCredit Group intends to dismiss around 700 employees from Ukrsotsbank < USCB UZ U/R > in 2009. Similar number of employees will be dismissed from Kazakh ATF Bank. Note that USCB fired around 700 employees in 2008, decreasinf their number to around 10,700 employees.

Millennium Capital sees the news to be NEUTRAL for USCB, since it seems about the costs optimization by UniCredit Group. For the same purpose USCB refused from the services of Standard&Poors rating agency on 19 March 2009. Millennium Capital considers that the reduction in UniCredit employees’ number will not reflect on its operation, since its employee number grew 4,700 people (2.8%) in 2008 and needs to be cut under the liquidity shortage conditions. This also will enable UniCredit to concentrate on USCB’s strategic financing.

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of the major investment banking institutions.