UniCredit S.p.A. is an Italian global banking and financial services company. Its network spans 50 markets in 17 countries, with more than 8,500 branches and over 147,000 employees. Its strategic position in Western and Eastern Europe gives the group one of the region's highest market shares. The company is a component of the Euro Stoxx 50 stock market index.
|Revenue||€19 billion (2018)|
|€7 billion (2018)|
|€4.7 billion (2018)|
|Total assets||€811.1 billion (2018)|
|Total equity||€47.7 billion (2018)|
Number of employees
UniCredit Group was the outcome of the 1998 merger of several Italian banking groups, which the majority one were Unicredito (banks from Turin, Verona and Treviso) and Credito Italiano (consists of Rolo Banca, Banca Popolare di Rieti), hence the name Unicredito Italiano. Credito Italiano issued about 38.46% new shares to the owners of Unicredito, and renamed itself to Unicredito Italiano. Other banks such as Banca dell'Umbria, Cassa di Risparmio di Carpi, Cassa di Risparmio di Trento e Rovereto (Caritro), Cassa di Risparmio di Trieste also joined the group in 1998–2000. A new subsidiary was also created in December 1999 which was named after the original Credito Italiano.
In 1999, UniCredito Italiano, as it was then known, began its expansion in Eastern Europe with the acquisition of Polish company Bank Pekao. On 30 June 2002, UniCredit started its S3 project which merged 7 of their bank network: Rolo Banca, Banca CRT, Cariverona Banca, Cassamarca, Cassa di Risparmio di Trento e Rovereto and Cassa di Risparmio di Trieste into Credito Italiano, and Credito Italiano was renamed into UniCredit Banca. UniCredit Private Banking and UniCredit Banca d'Impresa was spin off from it in 2003.
In 2005, UniCredit merged with the German group HypoVereinsbank (HVB), which is itself formed in 1998 by the combination of two Bavarian banks: Bayerische Vereinsbank and Bayerische Hypotheken-und Wechsel-Bank. Integration with the HVB Group was reinforced by the merger with Bank Austria Creditanstalt in the year 2000 and enabled further growth for the UniCredit Group. Additionally, Bank Austria Creditanstalt was a major shareholder in Bank Medici AG. Bank Medici was Thema Fund's investment manager. In return for finding investors, Bank Medici collected fees of 4.6 million euros from Thema International Fund in 2007. Following the news that Bank Medici had invested US$2 billion with Bernard Madoff, officials in Vienna appointed a supervisor to run the private bank, raising questions about control of the sprawling group.
In 2006, minority interests in the savings banks of Bra (31.021%), Fossano (23.077%), Saluzzo (31.019%) and Savigliano (31.006%) were sold for about €149 million to Banca Popolare dell'Emilia Romagna.
In 2007, in combination with the Capitalia Group, the fourth-largest Italian banking group (by total assets in 2006; Sanpaolo IMI and Banca Intesa were counted as one entity as the banks also merged in 2007); UniCredit Group consolidated and strengthened its position, but added considerably to its overhead costs. The registered office of the bank was also relocated from Genoa (inherited from Credito Italiano) to 17 via Minghetti, Rome.
In the same year, two more acquisitions were carried out: ATF Bank, which ranks fifth out of domestic banks in Kazakhstan with 154 branches, and Ukrsotsbank, a universal bank in Ukraine. With these two banks the Group extended its operations in this area to 19 countries (including Central Asia). However, in November 2012, Kazakh government sources declared UniCredit is in talks with Kazakh investors over the sale of a controlling stake in ATF Bank.
In 2013 UniCredit Finance reported that they would no longer provide banking services in Latvia.
On March 14, 2014 UniCredit announced that it expected to cut around 8,500 jobs in the future, together with the announcement of a $15 billion loss in the 4th quarter of 2013 due to extensive cash-reserving for bad loans and writing down goodwill from acquisitions. UniCredit is one of the 6 European banks which are currently most exposed to potential problems in the emerging markets.
In April 2015 UniCredit and Banco Santander reached an preliminary agreement to merge their asset-management businesses in a transaction valuing the combined entity at about €5.4 billion. The accord created a holding company called Pioneer Investments that is 50 percent owned by UniCredit and 50 percent held by the U.S. buyout firms Warburg Pincus LLC and General Atlantic LLC. The holding firm owns Pioneer's U.S. business and controls combined operations of UniCredit's Pioneer, excluding its U.S. activities, and Santander Asset Management. The two lenders hold each one third of the new combined business, while Warburg Pincus and General Atlantic owns the rest. However, the deal was terminated on 27 July 2016. Nevertheless, Pioneer was sold in December 2016 to Amundi for €3.545 billion. UniCredit also received an extraordinary dividend of €315 million from Pioneer.
From June 2015 to January 2017 UniCredit sold its NPLs that was doubtful to collect (sofferenze) to various investors, namely PRA Group Europe (€625 million gross), a fund managed by Cerberus Capital Management (€100 million gross), a US fund (€150 million gross), AnaCap Financial Partners (€420 million gross), Fortress Investment Group and PIMCO (€17.7 billion gross; UniCredit retained minority stake in the securitization SPV), B2 Kapital (€110 million in gross from Slovenian subsidiary) and B2Holding (€93 million from UniCredit Bulbank). In October 2015, UniCredit also sold UniCredit Credit Management Bank (now doBank), the subsidiary that specialized in managing NPLs to Fortress Investment Group and Prelios S.p.A.. A portfolio of €2.4 billion (in gross book value) NPLs was included in the deal. On a year to year basis, net value of sofferenze had increased from €19.701 billion at 31 December 2014 to €19.924 billion at 31 December 2015 (or from €52.143 billion to €51.089 billion in gross).
In December 2016 UniCredit sold Polish bank Bank Pekao. UniCredit had already sold part of the stake in FinecoBank in mid 2016, as well as sold Ukrainian bank Ukrsotsbank to Alfa Group in January 2016. In December 2016, the card business in Italy, Germany and Austria were sold to SIA for €500 million.
On 13 December 2016, despite the annual European Central Bank (ECB) Supervisory Review and Evaluation Process (SREP) lowed the CET1 ratio (transitional basis) requirement of UniCredit from 9.75% to 8.75%, the bank announced a massive €13 billion recapitalization of the bank, as well as €8.1 billion loan loss provisions and net restructuring charges of €1.7 billion in the fourth quarter of 2016. In 2016 European Union bank stress test announced on 29 July, UniCredit's CET1 ratio (fully loaded basis) was predicted at 7.10% in the adverse scenario on 31 December 2018, which was the second last among the big 5 Italian banks that were participated in the stress test (the last was Banca Monte dei Paschi di Siena). Based on 2016 SREP, UniCredit Group was required a fully load basis CET1 ratio of 10.5% from 1 January 2019 due to increase in Capital Conservation Buffer and global systemically important bank buffer as required by CRR and CRD IV. Moreover, the pillar 2 guidance: the additional capital that ECB suggested the bank to keep, was remained confidential.
In January 2017 10 old ordinary shares were combined into 1 new ordinary share, as well as bearer savings share and registered savings share. On April 6, 2017, UniCredit issued its first bond in the United States in a decade. In mid-2017, a capital increase completed as well as securitization and partial disposal of the NPLs of the bank. In December 2017, the savings share (Italian: azioni di risparmio) of the bank were converted to the ordinary share, as well as the removal of the 5% cap on voting rights for each entity.
The company has its registered office and general management in Milan. The registered office was located in Rome from the date of the merger with Capitalia in 2007, and relocated back to Milan in 2017. The registered office was located in Genoa from 1999 to 2007. UniCredit's core markets are Italy, Austria, Russia, Southern Germany, Romania and Bulgaria. The UniCredit Group has investment banking divisions in New York City, London, Hong Kong, Milan, Munich, Vienna, Budapest and Warsaw.
With the goal of fostering trade and investment between Eastern and Western Europe, UniCredit has joined up with Ost-Ausschuss der Deutschen Wirtschaft and the Federal State of Berlin to host the east forum Berlin.
In addition, Fondazione Cariverona, Fondazione Cassa di Risparmio di Torino, the owners of the predecessors of UniCredit, as well as foreign sovereign wealth fund (and other government entity): Central Bank of Libya (and its subsidiary Libyan Foreign Bank) were the shareholders of UniCredit that owned more than 2% stake as at 31 December 2015. On 11 March 2011, Unicredit said in a press release that they froze the voting rights of the Libyan shareholders (Central Bank of Libya and Lia).
In addition to aforementioned banking foundations, Fondazione Roma and Fondazione Manodori, the former owners of Capitalia, also owned 0.479% stake and 0.278% stake respectively as at 31 December 2015. Carimonte Holding, the joint venture of Fondazione Carimodena and Fondazione del Monte di Bologna e Ravenna, owned 2.115% stake of UniCredit in 2014. Other known shareholders were Fondazione Cassamarca (0.23% at 31 December 2016) and Fondazione CRTrieste (0.282% at 31 December 2016), which were the former owner of UniCredit's predecessors.
UniCredit Group had sponsored tennis tournaments Czech Open, Vienna Open (by subsidiary Bank Austria), golf tournaments Ladies German Open (by subsidiary HypoVereinsbank and UniCredit) and Austrian Open (by subsidiary Bank Austria).
Kern der Debatte ist die Schaffung eines 'gemeinsamen europäischen Wirtschaftsraums von Lissabon bis Wladiwostok'
The 2010 UniCredit Czech Open was a professional tennis tournament played on outdoor red clay courts. It was part of the 2010 ATP Challenger Tour. It took place in Prostějov, Czech Republic between 31 May and 5 June 2010.2011 UniCredit Czech Open
The 2011 UniCredit Czech Open was a professional tennis tournament played on outdoor red clay courts. It was part of the 2011 ATP Challenger Tour. It took place in Prostějov, Czech Republic between 30 May and 5 June 2011.2012 UniCredit Czech Open
The 2012 UniCredit Czech Open was a professional tennis tournament played on clay courts. It was the 19th edition of the tournament which was part of the 2012 ATP Challenger Tour. It took place in Prostějov, Czech Republic between 4 and 10 June 2012.2013 UniCredit Czech Open
The 2013 UniCredit Czech Open was a professional tennis tournament played on clay courts. It was the 20th edition of the tournament which was part of the 2013 ATP Challenger Tour. It took place in Prostějov, Czech Republic between 3 and 9 June 2013.2014 UniCredit Czech Open
The 2014 UniCredit Czech Open was a professional tennis tournament played on clay courts. It was the 21st edition of the tournament which was part of the 2014 ATP Challenger Tour. It took place in Prostějov, Czech Republic between 2 and 7 June 2014.2015 UniCredit Czech Open
The 2015 UniCredit Czech Open was a professional tennis tournament played on clay courts. It was the 22nd edition of the tournament which was part of the 2015 ATP Challenger Tour. It took place in Prostějov, Czech Republic between 1 and 7 June 2015.2016 UniCredit Czech Open
The 2016 UniCredit Czech Open is a professional tennis tournament played on clay courts. It is the 23rd edition of the tournament which is part of the 2016 ATP Challenger Tour. It took place in Prostějov, Czech Republic between 31 May and 4 June 2016.2017 UniCredit Czech Open
The 2017 UniCredit Czech Open was a professional tennis tournament played on clay courts. It was the 24th edition of the tournament which was part of the 2017 ATP Challenger Tour. It took place in Prostějov, Czech Republic between 5–10 June 2017.2018 Moneta Czech Open
The 2018 Moneta Czech Open was a professional tennis tournament played on clay courts. It was the 25th edition of the tournament which was part of the 2018 ATP Challenger Tour. It took place in Prostějov, Czech Republic between 4–9 June 2018.Banca del Mezzogiorno – MedioCredito Centrale
Banca del Mezzogiorno – MedioCredito Centrale S.p.A. (MCC) is an Italian bank based in Rome, Lazio region. The bank is a subsidiary of Poste italiane. The bank was specialized in medium-term loan to companies, which developed into corporate and investment banking, and currently specialized in public sector, such as one of the manager of Fondo di Garanzia per le Piccole e Medie Imprese (a guarantee fund for SMEs) of the Ministry of Economic Development, and European Union's Joint European Resources for Micro to Medium Enterprises Calabria Fund. The bank lend medium-term loan from the fund to SMEs for Italian government and the European Union.Bank Austria
UniCredit Bank Austria AG, better known as Bank Austria, is an Austria bank, 96.35% owned by UniCredit Group. The bank maintains an extensive network in Austria, with about 7,700 employees serving customers in some 300 branches. Bank Austria also served as UniCredit's intermediate holding company for the banking network in Central and Eastern Europe (until September 2016), a region where the Group is the clear market leader with about 3,900 branches in 19 countries. However, all the CEE subsidiaries were transferred to the parent company in September 2016. As per 2008, 85% of Bank Austria's total workforce is employed out of Austria.
Since 2007, Bank Austria is also responsible for all UniCredit affiliates in the European Union. Thus, Bank Austria inherited operation in 20 countries it had no representation before, of which even UniCredit had no activity. However, Bank Austria could not retrieve its business in Poland, where it had been well represented by BHP.
The 2000s saw the bank in the middle of substantial litigation around trustee Rudolfine Steindling's transfer of former East German, now German, money to her own accounts. In 2010 a Swiss court ruled that the predecessor Österreichische Länderbank had broken the law by aiding her to channel away the money and had to pay €240 million but a higher court overruled this decision on formal grounds.
Total assets of Bank Austria as at 31 December 2011 were EUR 199.2 billion. Bank Austria is the number one banking partner for Austrian companies:
80 per cent of large corporates
37 per cent of medium-sized companies
21 per cent of small businesseshave confidence in Bank Austria's services.Cassa di Risparmio della Marca Trivigiana
Cassa di Risparmio della Marca Trivigiana also known as Cassamarca in short, was an Italian savings bank headquartered in Treviso, Veneto. Due to Legge Amato, the bank was split into two organizations: Cassamarca S.p.A. and Fondazione Cassamarca – Cassa di Risparmio della Marca Trivigiana in 1992. The S.p.A. and the banking foundation were the founders of banking group Unicredito in 1994, a predecessor of UniCredit. The S.p.A. was absorbed into UniCredit in 2002; the banking foundation, survived as a charity organization (as of 2017), as well as owned 0.23% shares of UniCredit (as of 31 December 2016), as one of its investments.
The history of the bank could also traced to 1496, which the founder and predecessor of the bank, Monte di Pietà di Treviso, was founded. The Monte was merged into the bank in 1942 after a 3 decades of split.Cassa di Risparmio di Perugia
Banca dell'Umbria 1462 S.p.A. or previously known as Cassa di Risparmio di Perugia was an Italian savings bank. The bank became a subsidiary of UniCredit in 1999 and ceased to exist in 2005. However, its former owner Fondazione Cassa di Risparmio di Perugia, still operated as a charity organization. The foundation and the S.p.A. were split in 1992 from the original statutory corporation of the bank due to Legge Amato.Czech Open (tennis)
The UniCredit Czech Open is a professional tennis tournament played on outdoor red clay courts. It is currently part of the Association of Tennis Professionals (ATP) Challenger Tour. It is held annually at the Prostějov Tennis Complex in Prostějov, Czech Republic, since 1994.DoBank
doBank S.p.A. is an Italian bank based in Verona, Veneto region. The bank was known as UniCredit Credit Management Bank until 2015. In 2015 the company was acquired by private equity funds of Fortress Investment Group. Soon after the company started their initial public offering; the bank became a component of FTSE Italia Mid Cap Index in August 2017.FinecoBank
FinecoBank is an Italian financial service company that specialize in online brokerage. Founded as a subsidiary of Fineco (itself a subsidiary of Capitalia), the bank became a subsidiary of UniCredit after Capitalia was acquired in 2007. In 2016 UniCredit sold 20% shares to public market. It became a listed company in 2014.
FinecoBank is a constituent of FTSE MIB (since 2016), the blue chip index of Borsa Italiana.HypoVereinsbank
UniCredit Bank Aktiengesellschaft, better known under its brand name Hypovereinsbank (HVB), is the fifth-largest of the German financial institutions, ranked according to its total assets, and the fourth largest bank in Germany according to the number of its employees. Its registered office is in Munich and it is a member of the Cash Group. Since 2005, UniCredit Bank AG has been a subsidiary of UniCredit S.p.A., an Italian financial service provider with its registered office in Rome and its headquarters in Milan. When the transfer resolution was entered in the commercial register in 2008, the equities of the minority shareholders were transferred to the principal shareholder, UniCredit S.p.A. as part of a squeeze-out. HVB thus became a wholly owned subsidiary and has not been listed on the stock exchange since this time.
Operating in Germany, HVB mainly focuses on private clients business and corporate banking, customer-related capital market activities and private banking (also known as Wealth Management). As a mixed mortgage bank, it performs banking operations as a universal bank within the meaning of the Mortgage Banking Act and, as a mortgage bank, is also authorised to issue pfandbriefs.IRFIS – FinSicilia
IRFIS – Finanziaria per lo Sviluppo della Sicilia S.p.A. also known as IRFIS – FinSicilia S.p.A., is an Italian development bank based in Palermo, Sicily. The bank is registered under article 106 and 107 of Testo Unico Bancario (Italian banking law). The bank provided subsidized loans and intermediates for companies to access government incentives.UniCredit Bank Russia
AO UniCredit Bank is a Russian bank headquartered in Moscow. It was a wholly owned subsidiary of Italy-based UniCredit Group.
(Supervised by ECB)
|Nationwide and multi-regional banks|
(Supervised by ECB)
(total assets €30b to €8b)
regional cooperative bank
|Co-operative banks (BCC)|
and central banks
|Regional retail bank|
FTSE MIB companies of Italy
|Italian insurance companies|
|Italian banks with insurance subsidiaries|
|Italian banks with insurance joint ventures|
|Italian banks with foreign insurance joint ventures|
|foreign companies with Italian insurance subsidiaries|