Unicredit: Once more into the breach

Unicredit’s annus horribilis continues apace. The Italian banking group – which has already u-turned on a E6.6bn capital raising - is once again in the eye of the storm unfolding in eastern Europe. With nearly a third of its revenues, and even more of its expected growth, reliant on the region, the self-styled “first truly European bank” looks vulnerable. Currency imbalances risk undoing much of eastern Europe - and the banks that rushed to profit from these nascent economies. Ratings agency Mo...