UniCredit redeems to digitize

The Italian banking group UniCredit has just announced that it has finalized the acquisition of the Belgian bank Aion Bank and its technological supplier Vodeno. This strategic operation, announced last July, marks a key step in adapting UniCredit to the digital age.

FACTS

• Following the acquisition of the Belgian bank Aion Bank, a digital bank powered by artificial intelligence, and its technological supplier Vodeno for EUR 376 million, UniCredit aims to expand its geographical location in Europe, notably in Poland and Germany.

• This acquisition is part of the UniCredit Unlocked strategy to accelerate organic growth. The objective is to acquire 2.5 million customers, with a Return on Allocated Capital (ROAC) over 25% and a cost-to-income ratio of 34% within three years.

• The integration of Vodeno also allows UniCredit to develop activities:

  • "Banking-as-a-Service" (BaaS),

  • Embedded Finance, targeting market places, e-commerce and retailers, to provide a user experience close to that of a neobank.

• In order to achieve its objectives, the bank also plans to invest up to EUR 200 million with a return on investment in less than two years.

ISSUES

• Focus on the latest technologies: Aion Bank and Vodeno provide UniCredit with a cloud-based digital platform based on API connectivity and smart contracts that enable UniCredit to strengthen in the digital banking market and acquire proprietary technology.

• Redefine the concept of "bank" : UniCredit is now positioned as a hybrid actor, midway between traditional bank and Fintech, combining the financial and regulatory strength of large banks with the technological agility of startups. By integrating Web 3.0 technologies, developing its BaaS offering, and combining the neobank user experience with the strength of traditional banks, UniCredit seeks to rejuvenate its vision of the bank and optimize its model.

PERSPECTIVE

• UniCredit seems determined to implement its expansion strategy, despite projects sometimes suspended, such as the attempt the acquisition of Commerzbank, one of the largest German banks.

• Its current very digital positioning also follows a fundamental trend that has already been driven, with varying degrees of success, by international competition. The example of UBankFor example, the National Australia Bank (NAB)'s 100 % digital bank demonstrates that such repositioning can take several years to achieve profitability.

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