UniCredit is building its investment banking activities into a single division

UniCredit Group is bundling the investment banking activities of Bayerische Hypo- und Vereinsbank AG (HVB Corporates & Markets), Bank Austria Creditanstalt (International Markets and CA IB) and UniCredit Banca Mobiliare SpA (UBM) into a single, global division, called UniCredit Markets & Investment Banking (MIB). The MIB division is Munich-based with key strategic presences in London, Milan, Vienna/CEE as well as the US and Asia.

MIB will serve as the Group's global product factory and competence center for global financial markets and investment banking services. By leveraging the existing complementary competencies and transferring the domestic market-leading strengths into non-domestic markets and clients, MIB will create a broader product base for a more diversified client offering. Through an increased geographic customer base in terms of issuers and investors in UniCredit Group's core markets Germany, Italy, Austria and CEE, MIB will strengthen its market share and client franchise, as well as its placement power.

Sergio Ermotti, Head of UniCredit Markets & Investment Banking Division, comments: "The combination of today's investment banking businesses in HVB, BA-CA/CA IB and UBM into a single UniCredit Markets & Investment Banking Division propels us into the top league of European investment banks. Our key differentiator and unique strength lies in the profound connectivity rooting in our Group's Pan-European banking franchise. By structuring assets for our corporate customers in our core markets and through a full coverage of the EEMEA markets, including New Europe, Turkey and Russia, we are in the unparalleled market position to provide our institutional clients with direct access to highly innovative value added assets on the new frontiers of investment banking."

UniCredit Markets & Investment Banking will position itself as leading European specialist with a clear focus on selected products and client segments, where MIB can offer differentiated expertise and will target high return and/or high growth opportunities and a continued strong presence in domestic markets by

1 leveraging its cutting edge competitive market position in international structured finance into profitable non-domestic markets;
2 expanding its role as a top notch provider of structured derivatives for retail, corporate and institutional clients through a geographical diversification from Germany and Italy into the rest of Europe;
3 providing innovative solutions and access to differentiated assets through its leading investment banking advisory capabilities in New Europe (EEMEA, Turkey, Russia);
4 continuing to provide the full range of investment banking services in its core markets Germany, Italy, Austria and EEMEA.

The UniCredit Markets & Investment Banking Division is divided into three areas, Markets, Investment Banking and the Chief Operating Officer (COO).

Markets includes all trading and distribution activities as well as structured derivatives and will be headed by Willi Hemetsberger. In addition, Willi Hemetsberger will retain his current responsibility as Member of the Board of Bank Austria Creditanstalt AG in charge of the International Markets business.

Investment Banking, which combines all coverage and origination-based business as well as financing activities, will be co-headed by Ronald Seilheimer and Edoardo Spezzotti.
In addition to his new assignment, Ronald Seilheimer will continue to be in charge of the Markets & Investment Banking business on the board of Bayerische Hypo- und Vereinsbank AG.

Edoardo Spezzotti, who will join UniCredit Group on June 1, 2006, brings extensive international investment banking expertise to the Group. Spezzotti enjoys the reputation of being a renowned deal maker with cross asset-class product expertise stemming from more than 25 years of professional experience, including top management positions with global investment banks, such as Goldman Sachs and Merrill Lynch.

The centralized business support functions will be headed by Stefan Ermisch as Chief Operating Officer of the division. Ermisch, who was formerly CFO of Bank Austria Creditanstalt, was just recently appointed into his new function.

Willi Hemetsberger, Ronald Seilheimer, Edoardo Spezzotti, Stefan Ermisch and the Head of the Division, Sergio Ermotti, will form the Executive Management Committee of the Markets & Investment Banking Division. The new organizational structure will become fully effective starting July 1, 2006.


Enquiries:

Media Relations:
+39 02 88628236; e-mail: Uci.Ufficiostampa@unicredit.it
Investor Relations:
+39 02 88628715; e-mail: UCI-InvestorRelations@unicredit.it