UniCredit

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UniCredit Group
UniCredit S.p.A.
Type Società per azioni
Traded as BITUCG, FWBCRI, WSEUCG
Industry Financial services
Founded 1473 (as Rolo Banca), 1870 (as Banca di Genova), 1895 (as Credito Italiano)
Headquarters Porta Nuova Business District, Milan, Italy
EUR, Rome, Italy
Key people Giuseppe Vita (Chairman), Federico Ghizzoni (CEO)
Products Corporate, retail and private banking, asset management, securities trading
Revenue 52,3 billion[1]
Operating income €5.722 billion (3q2013)[1]
Profit -€15.0 billion (4q2013)[1]
Total assets €949.769 billion (3q2013)[1]
Total equity €61.303 billion (3q2013)[1]
Employees 148,341 (FTE, 2013)[2]
Website www.unicreditgroup.eu

UniCredit Group is an Italian global banking and financial services company. Its network spanning 50 markets in 20 countries, with more than 9,000 branches and over 148,000 employees. Its strategic position in Western and Eastern Europe gives the group one of the region's highest market shares.

Geography[edit]

The company has its registered office in Rome and general management in Milan.[3] UniCredit's core markets are Italy, Austria, Russia and Southern Germany. The UniCredit Group has investment banking divisions in New York, 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.[4]

UniCredit Bulbank Headquarters in Sofia, Bulgaria.
UniCredit Headquarters in EUR, Rome
UniCredit in Vilnius, Lithuania

History[edit]

UniCredit Group was the outcome of the 1998 merger of several Italian banks.

In 1999, UniCredito Italiano, as it was then known, began its expansion in Eastern Europe with the acquisition of Polish Bank Pekao.

In 2005, UniCredit merged with the German group 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. However, this merger was only marginally profitable. Additionally, Bank Austria Creditanstalt was a major shareholder in Bank Medici AG. Bank Medici was Thema Fund's investment manager.[5] In returning for finding investors, Bank Medici collected fees of 4.6 million euros from Thema International Fund in 2007.[6] 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 2007, in combination with the Capitalia Group, the third-largest Italian banking group; UniCredit Group consolidated and strengthened its position, but added considerably to its overhead costs. 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. 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.[7]

In 2013 UniCredit Finance informed that they would no longer provide banking services in Latvia.[8]

On March 14, 2014 UniCredit announced that it expects to cut around 8.500 jobs upcoming time, together with the announcement of an 15 billion loss in the 4th quarter of 2013 due to extensive cash-reserving for bad loans and writing down goodwill from acquisitions.[9] UniCredit is one of the 6 European banks which is currently most exposed to potential problems in the emerging markets.[10]

UniCredit Group also controls the Banco di Sicilia Group which is one of the oldest Italian banks.

Ownership[edit]

Shareholders owning more than 2% (March 2014):[11]

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).[12]

See also[edit]

References[edit]

  1. ^ a b c d e "Annual Report 2010". UniCredit Group. Retrieved 3 May 2011. 
  2. ^ "Annual Report 2010". UniCredit Group. Retrieved 3 May 2011. 
  3. ^ "General company information". UniCredit Group. Retrieved 30 July 2010. 
  4. ^ Brüggmann, Mathias (19 April 2013). "Wirtschaft fördert den Ost-Ruck". Handelsblatt (in German). p. 8. "Kern der Debatte ist die Schaffung eines 'gemeinsamen europäischen Wirtschaftsraums von Lissabon bis Wladiwostok'" 
  5. ^ Groendahl, Boris (12 March 2009). "Austria's Madoff-hit Bank Medici seeks buyers". Reuters. Retrieved 9 February 2013. 
  6. ^ Schneeweiss, Zoe (31 December 2008). "Bank Medici Manages Up to $3.2 Billion of Assets Tied to Madoff". Bloomberg. Retrieved 9 February 2013. 
  7. ^ "UniCredit in Talks to Sell Stake in Kazakhstan’s ATF Bank". The Gazette of Central Asia (Satrapia). 18 November 2012. 
  8. ^ http://www.baltic-legal.com/banking-in-latvia-list-of-banks-unicredit-bank-eng.htm Unicredit stoped banking sevtices in Latvia - Baltic Legal
  9. ^ "UniCredit Posts Record Loss, Plans 8,500 Job Cuts". Bloomberg (Bloomberg). 11 March 2014. 
  10. ^ "European banks have $3 trln of exposure to emerging markets". Reuters (Reuters). 3 February 2014. 
  11. ^ https://www.unicreditgroup.eu/en/governance/shareholder-structure.html
  12. ^ "Press Release, 11 March 2011". UniCredit Group. Retrieved 2 April 2014. 

External links[edit]