UniCredit: 2Q21 & 1H21 Group Results

 

 

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Robust commercial performance and solid profitability
PRESS RELEASE
30 July 2021 - h 07:00

Simplification, clients and digital as guiding principles to underpin strategy 

Andrea Orcel announces further business simplifications
People

Our CEO redesigns the first line of each of UniCredit's business areas and regions, reducing layering and complexities. 

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UniCredit Issues its inaugural green bond
Sustainability

UniCredit SpA has successfully launched its inaugural Senior Preferred Green Bond for EUR 1.0 billion

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UniCredit share information - Intraday

 

 

UniCredit is a simple successful Pan European Commercial Bank, with a fully plugged in Corporate & Investment Banking, delivering a unique Western, Central and Eastern European network to its extensive and growing client franchise.

 

 

 

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Commitments
Daniele Tonella, UniCredit Group Chief Digital and Information Officer ad interim and CEO of UniCredit Services, spoke at a recent Bloomberg roundtable on how financial companies can prepare their cyber resilience plans, building their data architecture and their response strategies accordingly.
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PRESS RELEASE
More than 1.2 million euros dedicated to young European talent     The UniCredit Foundation is once again launching several competitions aimed at supporting young European talent through study and research. This includes 8 calls for 32 scholarships and fellowships for a total amount of more than 1.2 million euros.   Maurizio Beretta, Chairman of the UniCredit Foundation, commented: “Despite the current challenging period, which has required great efforts in facing the global pandemic, the UniCredit Foundation continues its commitment to support study and research in the fields of economics and finance with several competitive calls as well as increasing the total number of scholarships available. These calls allow the Foundation to support the most deserving students in furthering their studies abroad by financing relevant PhD courses, Master’s degrees and short stays, as well as to promote research, talent development, and do our part to attract the best brains back to Europe.”   The scholarships and fellowships offered include:   - 3 Marco Fanno and 2 Crivelli Europe scholarships for students in economics or finance who wish to take PhD courses abroad starting from the 2022-2023 academic year. These scholarships are annual and renewable for a second year. The gross annual amount of each scholarship is 32,500 euros.   - 4 Modigliani Research Grants awarded to the best research projects in economics and finance in the gross amount of 10,000 euros per year for two years with the main objective to support research in Europe by strengthening collaboration among universities   - 3 Foscolo Europe Top-Up fellowships offered, for the seventh time, to the three best economics or finance departments, or research institutes in the PhD job market in 2021/2022. The main objective of this call is to attract and retain outstanding young economists across Europe who are conducting their research abroad. The Foundation will pay a gross annual contribution of 50,000 euros to the winning research departments to supplement the remuneration offered to their selected candidate. The fellowship will start on 1 October 2022 and run for three years.   The list of grants also includes the launch of 10 Study Abroad Exchange Programme competitions, this year in its eleventh edition, allowing to spend a study period of three to six months abroad at any university within UniCredit's perimeter. Furthermore, 5 Economics Job Market Best Paper Awards are foreseen for PhD candidates and PhD graduates in economics and finance to attend the European Economics Job Market event in Barcelona in December 2021.   Lastly, also this year, in addition to the 3 Marco Fanno Fellowships worth 45,000 euros gross each, the UniCredit Foundation will launch 2 Saccomanni Scholarships for the 2021 edition of 65,000 euros gross each for a period of two years aimed at supporting European students who intend to specialise in finance, international economics or monetary policy.   For further information, please see the UniCredit Foundation website   Enquiries   UniCredit Media Relations e-mail: mediarelations@unicredit.eu
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PRESS RELEASE
16 Jul 2021 - h 11:00
More than 1.2 million euros dedicated to young European talent     The UniCredit Foundation is once again launching several competitions aimed at supporting young European talent through study and research. This includes 8 calls for 32 scholarships and fellowships for a total amount of more than 1.2 million euros.   Maurizio Beretta, Chairman of the UniCredit Foundation, commented: “Despite the current challenging period, which has required great efforts in facing the global pandemic, the UniCredit Foundation continues its commitment to support study and research in the fields of economics and finance with several competitive calls as well as increasing the total number of scholarships available. These calls allow the Foundation to support the most deserving students in furthering their studies abroad by financing relevant PhD courses, Master’s degrees and short stays, as well as to promote research, talent development, and do our part to attract the best brains back to Europe.”   The scholarships and fellowships offered include:   - 3 Marco Fanno and 2 Crivelli Europe scholarships for students in economics or finance who wish to take PhD courses abroad starting from the 2022-2023 academic year. These scholarships are annual and renewable for a second year. The gross annual amount of each scholarship is 32,500 euros.   - 4 Modigliani Research Grants awarded to the best research projects in economics and finance in the gross amount of 10,000 euros per year for two years with the main objective to support research in Europe by strengthening collaboration among universities   - 3 Foscolo Europe Top-Up fellowships offered, for the seventh time, to the three best economics or finance departments, or research institutes in the PhD job market in 2021/2022. The main objective of this call is to attract and retain outstanding young economists across Europe who are conducting their research abroad. The Foundation will pay a gross annual contribution of 50,000 euros to the winning research departments to supplement the remuneration offered to their selected candidate. The fellowship will start on 1 October 2022 and run for three years.   The list of grants also includes the launch of 10 Study Abroad Exchange Programme competitions, this year in its eleventh edition, allowing to spend a study period of three to six months abroad at any university within UniCredit's perimeter. Furthermore, 5 Economics Job Market Best Paper Awards are foreseen for PhD candidates and PhD graduates in economics and finance to attend the European Economics Job Market event in Barcelona in December 2021.   Lastly, also this year, in addition to the 3 Marco Fanno Fellowships worth 45,000 euros gross each, the UniCredit Foundation will launch 2 Saccomanni Scholarships for the 2021 edition of 65,000 euros gross each for a period of two years aimed at supporting European students who intend to specialise in finance, international economics or monetary policy.   For further information, please see the UniCredit Foundation website   Enquiries   UniCredit Media Relations e-mail: mediarelations@unicredit.eu
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Clients
We take a look at the third round of winning Italian start-ups that joined the 2021 edition of our competition. Let’s discover the projects which according to our jury of experts had the highest potential and most innovative ideas in the Digital sector.
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Time 4 you
“Necessity is the mother of invention,” claims the ancient proverb. Not surprisingly, there is truth behind it. For example, Isaac Newton discovered the theory of calculus while in quarantine during the Great Plague, and William Shakespeare wrote King Lear in lockdown. “Constraints are the anchors of creativity,” agrees cognitive psychologist Catrinel Tromp. Here’s how to turn your limits into creative success like the great visionaries before us.  
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Time 4 you
The glorious summer weather has brought the best out in our colleagues and readers when it comes to photos! 
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Commitments
At the end of June, a tornado hit South Moravia in the Czech Republic and changed the lives of hundreds of people. The Czechs demonstrated that they can stick together even in the most difficult moments and immediately pitched in to provide help – both financially and physically. UniCredit also took part in the effort, donating 135,000 euros to those affected.  
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Commitments
The European Bank for Reconstruction and Development (EBRD) 2021 Annual Meeting and Business Forum “Building Back Better Economies” brought together regulators, bankers and corporate leaders from Western, Central and Eastern Europe June 28-July 2.  UniCredit is one of the EBRD Business Forum key partners, and two of the bank’s executives were among featured speakers.   
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Our People
This week, we speak to Vedrana Prošić, a member of the Customer Experience team in Bosnia and Herzegovina. She thinks an open and transparent approach is the best way to resolving customer disputes.   
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Our People
Laurence Fraissinet-Dubois, Senior Banker and Deputy Head of UniCredit’s Paris branch, on supporting clients throughout the pandemic, the importance of female role models and encouraging diversity within an organization.
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Commitments
The working group, established by the European Commission, supports clean hydrogen technologies to drive the energy transition. Thanks to this alliance UniCredit can successfully contribute to the deployment of low carbon hydrogen across Europe through close cooperation with industry players and regulators.
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2021 EBA EU-Wide Stress Test Results
PRESS RELEASE
30 July 2021 PRICE SENSITIVE
UniCredit was subject to the 2021 EU-wide stress test conducted by the European Banking Authority (EBA), in cooperation with the Single Supervisory Mechanism (SSM), the European Central Bank (ECB), and the European Systemic Risk Board (ESRB).   UniCredit notes the announcements made today by the EBA and the ECB on the EU-wide stress test and fully acknowledges the outcomes of this exercise. The 2021 EU-wide stress test does not contain a pass/fail threshold and instead is designed to be used as an important source of information for the purposes of the SREP. The results will assist Competent Authorities in assessing UniCredit’s ability to meet applicable prudential requirements under stressed scenarios.   The adverse stress test scenario was set by the ECB/ESRB and covers a three year time horizon (2021-2023). The stress test has been carried out applying a static balance sheet assumption as of December 2020 and therefore does not take into account future business strategies and management actions. It is not a forecast of UniCredit profits.   UniCredit’s results are summarised below:   baseline scenario: 2023 fully loaded CET1r at 15.66% corresponding to 52bps higher than fully loaded CET1r as of December 2020 2023 transitional CET1r at 15.80% corresponding to 16bps lower than transitional CET1r as of December 2020  adverse scenario: 2023 fully loaded CET1r at 9.22% corresponding to 592bps lower than fully loaded CET1r as of December 2020 2023 transitional CET1r at 9.59%, corresponding to 637bps lower than transitional CET1r as of December 2020.     As a reminder, UniCredit's 2Q 2021 fully loaded CET1r is at 15.50% (transitional CET1r at 16.11%).     Milan, July 30, 2021     For more details please refer to EBA website (http://www.eba.europa.eu)         Enquiries:   Media Relations: e-mail: MediaRelations@unicredit.eu   Investor Relations: e-mail: InvestorRelations@unicredit.eu
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UniCredit: 2Q21 & 1H21 Group Results. Robust commercial performance and solid profitability
PRESS RELEASE
30 July 2021 PRICE SENSITIVE
New organisational structure 1 including dedicated management team for Italy. Simplification, clients and digital as guiding principles to underpin strategy   2Q21 underlying net profit 2 of €1.1 billion, with 1H21 underlying RoTE 3 at 7.7 per cent. 2Q21 revenues at €4.4 billion, with strong fees and stable NII 4. 2Q21 costs at €2.5 billion   Strong liquidity and capital position, with fully loaded CET1 ratio at 15.50 per cent 5 and fully loaded CET1 MDA buffer 6 at 647 basis points 7   FY21 total revenues in line with previous guidance of circa €17.1 billion and costs confirmed at €9.9 billion   FY21 underlying Cost of Risk 8 guidance improved to below 40 basis points, equivalent to LLPs of less than €1.8 billion. FY21 underlying net profit now expected to be above €3 billion.        
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UniCredit and the Ministry of Economy and Finance of the Republic of Italy have agreed prerequisite terms and will begin exclusive discussions around the potential transfer of a defined perimeter of MPS to UniCredit
PRESS RELEASE
29 July 2021 PRICE SENSITIVE
Milan, July 29 2021 - UniCredit and the Ministry of Economy and Finance (“MEF”) of the Republic of Italy, the majority shareholder of Banca Monte dei Paschi di Siena S.p.A. (“MPS”), have approved the prerequisites for a potential transaction involving the commercial operations of MPS with a carefully defined perimeter and appropriate risk mitigation. Exclusive discussions will now begin to assess the feasibility of a transaction.   The potential transaction would allow the Group to accelerate its organic growth plans and help deliver the ultimate goal of sustainable returns above the cost of equity over the cycle. MPS could contribute, subject to the definition of the final perimeter, approx. 3.9m clients, Euro 80bn customer loans, Euro 87bn customer deposits, and Euro 62bn assets under management and Euro 42bn assets under custody.   It could strengthen the Group’s competitive position and offering within Italy, in particular in the Central and Northern regions, where 77% of MPS branches are located. It could deliver market share growth of 17 percent in Tuscany, 4 percent in Lombardy and Emilia Romagna and 8 percent in Veneto.  This would lead to a significant increase in future profitability for the Group, while the prerequisites of the transaction would allow UniCredit to preserve its capital position, improve its asset quality and its risk profile on a pro-forma basis. Any potential transaction would take place alongside the Group’s existing focus on unlocking internal value, which remains a current and ongoing priority.   The main prerequisites agreed with the MEF to assess the feasibility of the transaction from an economic and financial perspective include but are not limited to the following:   capital neutrality of the transaction on the capital position of the Group on a pro forma basis; in 2023, a significant accretion of the Group earnings per share when including the after-tax synergies deriving from the transaction, provided that the Group earnings per share shall remain at least unaffected if synergies are not factored in; exclusion of all the extraordinary litigations not related to the ordinary banking activity and all relevant legal risks, actual or potential; exclusion of NPEs and adequate protection from other potential credit risks, which may be identified also during the due diligence process, through actions to be defined; agreement on the management of personnel, consistently with the perimeter of the going concern relating to the commercial activities, with the aim of ensuring a seamless, quick and effective integration into the Group.   The transaction under analysis is subject to the positive outcome of the assessment of the prerequisites as agreed, as well as the legal, economic, tax, accounting and industrial due diligence, the discussions with the MEF and MPS aimed at defining the transaction structure, terms and perimeter, and the subsequent definition of the relevant binding agreements. Following today’s announcement, UniCredit will agree with MPS the access to a virtual data room for the execution of the due diligence. UniCredit confirms that, despite the absence of any actual conflict of interest and in full independence of mind, given his previous assignment as Minister of Economy and Finance the Chairman, professor Pier Carlo Padoan, abstained from the relevant resolution of the Board of Directors.   UniCredit will provide further updates on the potential transaction according to the applicable market disclosure requirements.   Andrea Orcel, CEO of UniCredit Group, will host a company call tonight, 29 July 2021, at 8.00 pm CEST. See below connection details.    
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UniCredit launches its new strategy on art and culture
PRESS RELEASE
28 July 2021
The bank stops sale of art and implements new initiatives to make its art collection more accessible to all     UniCredit announces new strategy to leverage and enhance its artistic heritage, particularly in Italy, in line with the overarching commitment to respect and value the Group’s roots.   After the decision to discontinue the Art4Future project, which previously oversaw the sale of some of the Group’s most significant artworks, the bank is now launching new programmes to ensure its collection is fully accessible to all. These include a dedicated digital initiative that will provide virtual access for the wider public to the bank’s art collection as well as educational programmes aimed at children in collaboration with the UniCredit Foundation.   Furthermore, a touring collection will be curated jointly to support the common priorities around young people and education.   Andrea Orcel, CEO of UniCredit, commented: “UniCredit is a pan-European Group with an Italian soul where art and culture are at the heart of this country, and a fundamental part of its history and heritage on which to build our future. That’s why UniCredit is halting any further sales and launching new and innovative initiatives to support art and culture, which have a deep social value and are closely intertwined with the social function that I believe a bank needs to have in all its communities. Our aim will be to make our exceptional collection, more widely accessible to the public allowing us to further engage with our communities and support their development and wellbeing.”   Further information on the bank’s new initiatives focused on art and culture will be announced in due course.   UniCredit will commit to honouring any remaining financial commitments from the Art4Future project as agreed.     Milan 28 July 2021                                                                Enquiries: mediarelations@unicredit.eu    
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Notice of early redemption UNICREDIT “€1,000,000,000 NON-CUMULATIVE TEMPORARY WRITE-DOWN DEEPLY SUBORDINATED FIXED RATE RESETTABLE NOTES” (THE “NOTES”) ISIN XS1107890847
PRESS RELEASE
28 July 2021 PRICE SENSITIVE
With reference to the Notes, issued on 10 September 2014, UniCredit S.p.A., in accordance with the relevant Terms and Conditions of the Notes, will exercise its option to early redeem in whole the Notes on 10 September 2021 (the First Call Date).   The early redemption of the issue will be at par, together with accrued and unpaid interests. The interests shall cease to accrue on the same First Call Date.     Milan, 28 July, 2021     UniCredit S.p.A.     Enquiries:   Media Relations: e-mail: MediaRelations@unicredit.eu   Investor Relations: e-mail: InvestorRelations@unicredit.eu
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UniCredit: a sustainable bank

At UniCredit, sustainability is part of our DNA, and ESG (Environmental, Social and Governance) commitments and targets are fully integrated in our business and operations from lending to risk management and the long-term incentive plans of our Top Management. We want to have a positive impact on society by creating sustainable value in terms of human capital, society and the environment over time, by listening and responding to the real needs of our customers and our stakeholders. This is what we mean by “Banking that matters”. Our simple guiding principle to Do the right thing! is applied to everything we do, at all times, and is at the core of our interactions with all of our stakeholders. Our world, society and lifestyle continue to rapidly change and we must play our role as part of the solution. We are taking action now, together, for present and future generations, for a sustainable future. Because #TogetherWeMatter 

Together we matter

Banking that matters

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UniCredit is a "bank of substance", focused on delivering relevant solutions to real needs

 

Our worldwide presence

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Our "One Bank" model is based on central support and local excellence.

 

 

Our history

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UniCredit Group was officially founded in 1870, when Banca di Genova - later renamed Credito Italiano - opened for business.