Kendall’s IB equation adds content to capital at UniCredit
![UniCredit Tower, headquarters of the Italian bank UniCredit, Milan, Lombardy, Italy](https://assets.euromoneydigital.com/dims4/default/387b1eb/2147483647/strip/true/crop/5616x3744+0+0/resize/840x560!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F29%2F9a%2Fda0f58ef410a818038600d6daa29%2Funicredit-alamy-2dec21.jpg)
The Italian lender has big challenges to resolve in Russia and at home but its corporate finance build-out is on a steady trajectory, writes David Rothnie
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