UniCredit - Azerbaijan said results of the European Union (EU) comprehensive assessment released on Sunday show that the bank has proven its stability in the financial market.

The assessment was carried out by the European Central Bank (ECB), the European Banking Authority (EBA) and the Bank of Italy. It looked at banking entities throughout Europe, reviewing each bank's amount of capital and asset strength, and how each was faring in the turbulent macroeconomic climate of the continent.

"In spite of the conservative approach of ECB and EBA in the comprehensive assessment, on top of the current negative macroeconomic environment, the results of the exercise confirm UniCredit's strong capital position... ," Federico Ghizzhoni, CEO of UniCredit, said. 

UniCredit - Azerbaijan has a capital excess of more than $11.1 billion.