UNICREDIT: A PAN EUROPEAN WINNER
A simple successful pan European Commercial Bank, with a fully plugged in CIB, delivering a unique Western, Central and Eastern European network to its extensive and growing client franchise
Jean Pierre Mustier, Chief Executive Officer, UniCredit S.p.A said: "Thanks to the unwavering commitment of all UniCredit colleagues, we have successfully delivered Transform 2019, exceeding our key targets and laying a solid foundation for our 2020-23 strategic plan, Team 23. This proves that we know how to execute in any macro environment.
"As a result of our decisive actions and our relentless focus on de-risking and balance sheet strengthening, today UniCredit has a solid capital base. Based on the success of Transform 2019, we are looking to increase our 2019 capital distribution to 40 per cent, double the initial plan target, including a proposed 10 per cent share buyback.
"Team 23 is about maximising stakeholder value creation, including a renewed focus on customer satisfaction thanks to streamlined processes and innovative products, as well as increased shareholder returns. During the plan we estimate we will create a total of 16 billion of value for investors through a combination of dividends and share buybacks as well as by growing tangible equity. We will continue to draw on our competitive advantages: our unique Western, Central and Eastern European network, our position as the go-to bank for SMEs in Europe and our extensive and growing client franchise. Throughout Team 23 we will continue to capture commercial opportunities whilst keeping a tight rein on risk, execution discipline and cost control.
"Meanwhile, more than ever, sustainability forms a central part of everything we do and is fully integrated into our business and decision-making progress, as announced on 26 November.
"I am very proud of the whole UniCredit team and what we have achieved over the last three years. I am also very thankful for everyone's commitment and dedication. Together we are One Team, One UniCredit and we are committed to doing the right thing and to successfully deliver Team 23."