HypoVereinsbank (UniCredit Bank AG) has concluded the internal investigations regarding so-called cum-ex-transactions with a factual report in March 2014 and a responsibility report in July 2014. The Supervisory Board has concerned itself with the findings of these reports in a number of sessions and has come to a decision accordingly in today's meeting. The bank's parent company UniCredit SpA fully supports this decision.
The findings of the investigations conducted by reputable international law firms suggest that HypoVereinsbank has been involved in cum-ex-transaction from 2005 to 2008. Since 2009 such transactions have not occurred again. The results of the investigation suggest misconduct of individuals in the past.
The Supervisory Board of HypoVereinsbank mandated in fall 2011 a reputable international law firm to conduct a separate investigation on their behalf to fulfil its duties as a controlling corporate body. This additional investigation had the full support of the management board and of the parent company UniCredit SpA.
The Supervisory Board will now request from certain former Management Board Members a response on the respective findings of the investigations. The Supervisory Board sees no reason for proceedings against current management board members.
The Management Board has investigated the activities in relation to the so-called cum-ex-transactions after first hints at the beginning of 2011 and has taken actions against certain individuals. The Management Board retains the right to assert claims.
The Bank has informed tax, investigative and regulatory authorities proactively and comprehensively about the internal investigations of the Supervisory Board and Management Board at all times. Even after the conclusion of internal investigations the Bank will continue to comprehensively cooperate with the authorities.
We ask for your understanding that we will not be able to publicly comment on individual responsibilities and findings at any time.