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The role of banks in a globalised economy: balancing innovation and stability


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Speaker(s): Alessandro Profumo
Chair: Howard Davies

Recorded on 3 December 2008 in Old Theatre, Old Building.

Banks are called upon to play a primary role, in cooperation with policymakers and regulators, in the quest for better levels of financial stability for the system as a whole. The real economy's needs must be central to the bank's characteristic function. Alessandro Profumo has been the Chief Executive Officer of UniCredit Group since it was founded in 1997; as of December 2005 he is Chairman of the Supervisory Board of HVB and as of July 2006 he is Chairman of the Supervisory Board of Bank Austria Creditanstalt. Previously he held the post of Chief Executive Officer of Credito Italiano which he had joined in 1994 as its Chief General Manager in charge of Planning & Group Control, a year after that bank was privatised. At an international level, he is Member of the Board of the European Banking Federation - Brussels, of the European Financial Services Round Table - London, of the Trilateral Commission (Italian Group), of the Investment Advisory Council for Turkey - Istanbul and of the Institut International d'Etudes Bancaires - Brussels.

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