UniCredit's "One for Clients" Program
Seven Subsidiaries merged into UniCredit S.p.A
Today in Turin has been signed the Deed of Merger to bring seven subsidiaries into UniCredit S.p.A: UniCredit Banca S.p.A., UniCredit Banca di Roma S.p.A., Banco di Sicilia S.p.A., UniCredit Corporate Banking S.p.A., UniCredit Private Banking S.p.A., UniCredit Family Financing Bank S.p.A. and UniCredit Bancassurance Management & Administration S.c.r.l.
The merger will become effective as of November 1st, 2010 after registration with the relevant Trade Registers. This brings to an end the "One for clients" Program approved by the UniCredit Board of Directors on April 13th, 2010, aiming to enhance customer satisfaction by simplifying the bank's corporate structure and increasing its proximity to the territories and communities served.
Dieter Rampl, Chairman of UniCredit, said: "Improving and simplifying our corporate and commercial structures will result in more effective governance, which is an important quality of an international banking group like ours".
Federico Ghizzoni, CEO of UniCredit commented: "The One for Clients program is an important step for us, and reflects a strategy for Italy that is based on customer centricity, strong local roots and business specialization".
Gabriele Piccini will act as Country Chairman for Italy.
The "One for Clients" program strengthened the Group's current divisional model in Italy through the creation of four business segments (Families, SMEs, Corporate Banking and Private Banking) and three specialized Italian sales networks dedicated to serving:
• Roughly eight million individuals (with assets up to €500,000) and one million companies (with annual turnover up to €50 million), comprising our Families and SME segments respectively, through a network of approximately 35,000 employees and 4,000 branches across Italy, organized into 112 sales units coordinated by 10 executive departments.
• More than 19,000 enterprises (with annual turnover over €50 million), comprising our Corporate Banking segment, through a network of 450 managers coordinated by five directorates.
• More than 160,000 clients (with assets exceeding €500,000), comprising our Private Banking segment, through a network of 780 managers, led by six departments.
Moreover, seven territorial areas were established within Italy with managers serving as reference points for local institutions and stakeholders.
Furthermore, the Deed of Merger of UniCredit Partecipazioni S.r.l. into UniCredit SpA has been executed and also this merger will take effect as of November 1st, 2010.
Turin, 19 October 2010
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