UniCredit Expects to Grow in 2009

UniCredit Russia is expecting 2 billion euros ($2.5 billion) in funding from its Italian parent next year, the Russian unit's chief executive Mikhail Alexeyev said Monday.

The bank, ranked among the country's top 10, expects its business to grow next year but expects that it will be slower compared with this year.

"Our plans are maybe not aggressive but quite impressive," he said, giving no other details.

UniCredit Russia, which has more than $21 billion in assets, will receive less than 2 billion euros in 2008, Alexeyev said.

The bank says it only has $500 million in retail savings accounts and is immune to retail deposit outflows, which could prove lethal for many Russian banks.

UniCredit Russia lost about 15 percent of its retail deposits during the crisis, but outflows have slowed recently, and inflows into corporate accounts balance retail outflows, Alexeyev said.