UniCredit

UniCredit S.p.A.

Type	Società per azioni (BIT: UCG, FWB: CRI)
Industry	Financial services
Founded	1473 (as Credito Romagnolo), 1870 (as Banca di Genova), 1895 (as Credito Italiano)
Headquarters	Milan, Italy
Key people	Dieter Rampl (Chairman), Alessandro Profumo (CEO)
Products	Corporate, retail and private banking, asset management, securities trading
Revenue	€27.57 billion (2009)[1]
Operating income	€12.25 billion (2009)[1]
Profit	€1.702 billion (2009)[1]
Total assets	€928.8 billion (2009)[1]
Total equity	€59.69 billion (2009)[1]
Employees	165,060 (FTE, 2009)[1]
Website	www.unicreditgroup.eu

UniCredit SpA (BIT: UCG, FWB: CRI) is an Italy-based, pan-European banking organization, with over 40 million customers and operations in 22 countries. The company has its registered office in Rome and headquarters in Milan.^[2] UniCredit's core markets are Italy, Austria and Southern Germany, and it also has substantial operations in Central & Eastern Europe. The UniCredit Group has investment banking divisions in London, Milan and Munich.

History

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, itself formed in 1998 by the combination of two Bavarian banks: Bayerische Vereinsbank and Bayerische Hypotheken-und Wechsel-Bank. Integration with the HVB Group, reinforced by the merger with Bank Austria Creditanstalt in 2000 enabled further growth for UniCredit Group, but was only marginally profitable. Bank Austria Creditanstalt is a major shareholder in Bank Medici AG. Following news that the Bank Medici had invested $2 billion with Bernard Madoff, Vienna appointed a supervisor to run the private bank, raising questions about control of the sprawling group.

In 2007, by 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 2007 two more acquisitions were carried out: ATF Bank which ranks fifth of domestic banks in Kazakhstan with 154 branches, and the acquisition of Ukrsotsbank a retail bank. With these two banks the Group extended its operations in this area to 19 countries (including Central Asia).

The Group also controls the Banco di Sicilia Group, one of the oldest Italian banks.

Operations

UniCredit Group operates in Central and Eastern Europe.

Key figures

• Customers 40 million
• Employees (30-06-08) 177,571
• Branches (30-06-08) 10,185
• Operating Income (2Q09) € 14.326 bn
• Net Profit (2Q09) €0.937 bn
• ROE (2009) 2.85%
• Total Assets (30-06-08) € 1,059.767 bn
• Total Assets (30-6-09) € 982.712 bn
• Net Worth (30-6-09) € 57.893 bn
• Tangible Net Worth (30-6-09) € 32.130 bn
• Leverage (TA/TNW) (30-6-09) 30.6x

Financial troubles

In October 2008 a capital increase of €3 billion was necessary. In 2010 a further increase of capital of €4 billion was necessary.^[3]

See also

• European Financial Services Roundtable
• HypoVereinsbank
• Pioneer Investments

References

1. ↑ ^{1.0 1.1 1.2 1.3 1.4 1.5} "Annual Report 2009". UniCredit Group. http://www.unicreditgroup.eu/ucg-static/downloads/2009_Consolidated_Reports_and_Accounts_Draft.pdf. Retrieved 25 April 2010. 
2. ↑ "General company information". UniCredit Group. http://www.unicreditgroup.eu/en/Info/General_company_information.htm. Retrieved 30 July 2010. 
3. ↑ Cohen, Sabrina (13 May 2010). "Trading Gain Lifts UniCredit Net". The Wall Street Journal. http://online.wsj.com/article/SB10001424052748703339304575239561491125620.html. Retrieved 5 June 2010. 

External links

• Official website