Jean Pierre Mustier, CEO of Unicredit, talks about the decidedly discounted valuations (49% of the tangible assets) of the action of the bank of Piazza Gae Aulenti despite the rally of recent months, culminating Thursday in the over + 6% post accounts of the third quarter . "The action in May 2018, even following the gradual completion of the Transform 2019 plan, was above 18 euros. But the establishment of the first Conte government changed the perception of Italy's risk. Unicredit suffered because we have Italian bonds for 45 billion, double the capital allocated in Italy. In Germany, Austria, Central and Eastern Europe our ratio is 1 to 1, the other European banks are 50-60%, "said Mustier in an interview with the newspaper Repubblica. "We intervened to rebalance those risks – adds Mustier – especially by accounting for the recent purchases of BTP to make them less sensitive to volatility. As for our numbers, they are all positive, and so are assets, profitability, and asset quality. Now the Transform 2019 plan can be said to be fully completed ".