UniCredit has confirmed it is to launch a joint venture in western European equities with Kepler Capital Markets, in an operation which will resemble Exane BNP Paribas' alliance, as first reported by Financial News.

The Italian bank said in a presentation on Monday morning that it would focus on three core client offerings. It said they were corporate banking and transaction services; structured finance, capital markets and investment products; and providing access to western, central and eastern Europe.