Prospectus - Notowania

measures were adopted to contain not only personnel costs but also administrative expenses
(for example, in the marketing area and as regards travel expenses).
By contrast, other projects concerned the reorganisation of the Group, to make its structure
more flexible and more tailored to meeting the new challenges posed by the market. Firstly,
and already in January 2009, a risk control structural reorganisation project was implemented in
order to ensure the centralised and homogeneous supervision of the different types of risk
(liquidity, credit, operational etc.).
Secondly, during the course of the second half of this year, the new CIB business sector was
created, borne out of the union between the Corporate sector, responsible for relations with the
business world, and the Market & Investment Banking sector, handling the Group’s presence
on international financial markets. The goal is to develop offer synergies within the Group that
succeed in developing the local franchise also through a truly global offer capacity.
Finally, in 2009 the Group implemented a radical policy involving containment of the risk of its
assets, through a reduction in activities not considered strategic for the future development of
the Group, such as the trading book or the interbank market.
As regards a medium term view, i.e. having hurdled the current economic situation, a crucial
role is held by the unique franchise that the Group has developed in its reference markets and
which continues to be a strength in the development of relationships with both its private and
business customers. From this viewpoint, the Group is reinforcing its consultancy capacity and
the integrated offer of services, in order to present itself as a bank-partner and privileged
contact of its customers.
For this purpose, in line with and continuing on with the divisionalisation process launched in
2003, it was decided by the Board of Directors’ Meeting of the Issuer on December 15, 2009,
to start-up a project involving the transformation of the organisational structure called “Insieme
per i Clienti”, aimed at improving (i) customer satisfaction; and (i) discussions with the local
areas and supervision of local entities.
The project makes provision for a series of business initiatives focused, inter alia, on:
(a) bringing company top management even closer to the customer;
(b) a better understanding of the needs of the local areas and additional support for
company and family growth;
(c) an improvement in the quality and depth of the customer relationship;
(d) a higher quality of consultancy provided; and
(e) a quicker response time to the key customer requirements (provision of credit and
complaint management).
The project can review the actual definition of the specialised business segments in Italy,
Germany and Austria, re-classifying them as follows:
(a) Families, dedicated to private clients;
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