UniCredit
Encyclopedia
UniCredit SpA is an Italy
-based, pan-European banking organization, with aprox 40 million customers and operations in 22 countries.
in Rome
and general management in Milan
. UniCredit's core markets are Italy
, Austria
and Southern Germany
. UniCredit also has operations in Central and Eastern Europe. The UniCredit Group has investment banking
divisions in London
, Milan
, Munich
, Vienna
, Budapest
and Warsaw
.
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 the same year, two more acquisitions were carried out: ATF Bank, which ranks fifth of domestic banks in Kazakhstan
with 154 branches, and 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.
On 11th March 2011 Unicredit said in a press release that they froze the rights of vote of the libyan shareholders (Central Bank of Libya and Lia).
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
-based, pan-European banking organization, with aprox 40 million customers and operations in 22 countries.
Geography
The company has its registered officeRegistered office
Registered office is a term used to describe the address which is registered with the government registrar as the official address of a company, an association or any other legal entity. Generally it will form part of the public record...
in Rome
Rome
Rome is the capital of Italy and the country's largest and most populated city and comune, with over 2.7 million residents in . The city is located in the central-western portion of the Italian Peninsula, on the Tiber River within the Lazio region of Italy.Rome's history spans two and a half...
and general management in Milan
Milan
Milan is the second-largest city in Italy and the capital city of the region of Lombardy and of the province of Milan. The city proper has a population of about 1.3 million, while its urban area, roughly coinciding with its administrative province and the bordering Province of Monza and Brianza ,...
. UniCredit's core markets are Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
, Austria
Austria
Austria , officially the Republic of Austria , is a landlocked country of roughly 8.4 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the...
and Southern Germany
Southern Germany
The term Southern Germany is used to describe a region in the south of Germany. There is no specific boundary to the region, but it usually includes all of Bavaria and Baden-Württemberg, and the southern part of Hesse...
. UniCredit also has operations in Central and Eastern Europe. The UniCredit Group has investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
divisions in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Milan
Milan
Milan is the second-largest city in Italy and the capital city of the region of Lombardy and of the province of Milan. The city proper has a population of about 1.3 million, while its urban area, roughly coinciding with its administrative province and the bordering Province of Monza and Brianza ,...
, Munich
Munich
Munich The city's motto is "" . Before 2006, it was "Weltstadt mit Herz" . Its native name, , is derived from the Old High German Munichen, meaning "by the monks' place". The city's name derives from the monks of the Benedictine order who founded the city; hence the monk depicted on the city's coat...
, Vienna
Vienna
Vienna is the capital and largest city of the Republic of Austria and one of the nine states of Austria. Vienna is Austria's primary city, with a population of about 1.723 million , and is by far the largest city in Austria, as well as its cultural, economic, and political centre...
, Budapest
Budapest
Budapest is the capital of Hungary. As the largest city of Hungary, it is the country's principal political, cultural, commercial, industrial, and transportation centre. In 2011, Budapest had 1,733,685 inhabitants, down from its 1989 peak of 2,113,645 due to suburbanization. The Budapest Commuter...
and Warsaw
Warsaw
Warsaw is the capital and largest city of Poland. It is located on the Vistula River, roughly from the Baltic Sea and from the Carpathian Mountains. Its population in 2010 was estimated at 1,716,855 residents with a greater metropolitan area of 2,631,902 residents, making Warsaw the 10th most...
.
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
Bank Medici
Bank Medici AG was a bank based in Vienna, Austria. It was founded in 1994 by banker Sonja Kohn and incorporated as a bank in 2003.Bank Medici's president and majority stakeholder is Sonja Kohn. Its main institutional shareholder is Bank Austria Creditanstalt, Austria's largest banking group...
AG.
Following news that the Bank Medici had invested $2 billion with Bernard Madoff
Bernard Madoff
Bernard Lawrence "Bernie" Madoff is a former American businessman, stockbroker, investment advisor, and financier. He is the former non-executive chairman of the NASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S...
, 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 the same year, two more acquisitions were carried out: ATF Bank, which ranks fifth of domestic banks in Kazakhstan
Kazakhstan
Kazakhstan , officially the Republic of Kazakhstan, is a transcontinental country in Central Asia and Eastern Europe. Ranked as the ninth largest country in the world, it is also the world's largest landlocked country; its territory of is greater than Western Europe...
with 154 branches, and 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.
Ownership
Main shareholders:- MediobancaMediobancaMediobanca is an Italian investment bank founded in 1946 at the initiative of Raffaele Mattioli and Enrico Cuccia to facilitate the post-World War II reconstruction of Italian industry.Enrico Cuccia led Mediobanca from 1946 to 1982...
- 6,761% - Aabar Luxembourg sarl - 4,991%
- Central Bank of LibyaCentral Bank of LibyaThe Central Bank of Libya is the monetary authority in Libya and enjoys the status of autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya , and to promote the sustained growth of the economy in...
– 4,988% - Fondazione Cassa di Risparmio di Verona, Vicenza, Belluno e Ancona (Fondazione Cariverona) – 4,984%
- BlackRockBlackRockBlackRock, Inc. is an American multinational investment management corporation and the world's largest asset manager. BlackRock is headquartered in Manhattan, New York City, New York, United States and is the leading provider of investment, advisory, and risk management solutions...
- 4,024% - Fondazione Cassa di Risparmio di Torino – 3,719%
- Carimonte Holding – 3,122%
- Lia (Libyan Investment Authority) - 2,594%
- Allianz SE – 2,201%
- Barclays Global Investors UK Holding Ltd. – 2,003%
- ABN AMROABN AMROABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. It was re-established, in its current form, in 2009 following the acquisition and break up of ABN AMRO Group by a banking consortium consisting of Royal Bank of Scotland Group, Santander and Fortis...
- 1,88%
On 11th March 2011 Unicredit said in a press release that they froze the rights of vote of the libyan shareholders (Central Bank of Libya and Lia).
See also
- European Financial Services RoundtableEuropean Financial Services RoundtableThe European Financial Services Roundtable is a European organization, located in Brussels, Belgium, of financial service companies to provide a voice on policies of the European Union related to financial matters...
- HypoVereinsbankHypoVereinsbankUniCredit Bank Aktiengesellschaft is the sixth-largest private German financial institution, with a strong presence in Bavaria. The company is based in Munich, and together with Deutsche Bank, Dresdner Bank, Commerzbank and Deutsche Postbank, it belongs to the Cash Group...
- Pioneer InvestmentsPioneer InvestmentsPioneer Investments is an investment company based in Boston, MA specializing in mutual funds. In 1928, Philip L. Carret founded the Pioneer Fund , now the third oldest mutual fund in the United States. The Pioneer Fund is often cited as the first mutual fund based on ethical values...