Press Release

From the merger between the UniCredit ITC operations Italian, German and Austrian, the new Global ICT Company of the Group was born, a new global ITC company has been created, which is among the top 12 of the European ICT sector. The merger is a key step also for the completion of the standardization of the business and of the IT platforms used by the banks of UniCredit Group in 22 countries in Europe.

Key facts and achievement for UniCredit Global Information Services are: cost savings of more than €300 million annually on an ongoing basis, the adoption of the divisional business model of the Group by the foreign subsidiaries and leadership in Europe in this field, completion of the streamlining of activities and of the IT platforms, which began in its international dimension in 2006 and is still in progress. UGIS is therefore the new ICT multinational company of UniCredit Group, the result of the merger between the homonymous Italian company, the German HVB Information Services and the Austrian WAVE Solutions.

The new UGIS has nearly 4500 employees, spread across 19 locations in eight European countries, with an expected turnover for 2009 of over €1.5 billion and more than 50 entities managed by the Group. The shares are held by UniCredit Group (65.26%), Hypovereinsbank AG (24.72%) and Bank Austria (10.02%). UGIS owns the ICT assets, and it is fully responsible of the implementation and integration of all the services of the Group.

"The creation of UGIS will bring concrete benefits to the banks and the companies of the Group - Massimo Schiattarella, co. CEO of UGIS said - in terms of improved efficiency and sustainability of IT services, of generated economies of scale and of standardization of IT services at Group level and of the ability to have a predictable evolution of costs aligned with the strategies of the Group. Putting into a common factor the know-how of professionals coming from different European countries - Schiattarella continues - will ensure a steady improvement in the quality of the service and a decrease in the time-to-market, supported by the organizational model based on global competence centers".

Along the same line is also Massimo Milanta, co. CEO of UGIS, adds: "Our strategy is based on three main pillars.

First, the standardization of our IT platforms for the core banking activities and their implementation in different realities, pursuing the double aim of effectively responding to the needs of the business and further improving our structural efficiency;

Second, the consolidation of the infrastructure, in order to rationalize spending and achieve at the same time a reduction in the consumption of energy, in line with the Green IT policies;
Third, a focus on ICT processes in order to make our business model increasingly integrated at cross-country level and based on an industrial management.

The merger – according to Mr. Milanta – doesn’t represent the end of the journey, but the first fundamental step towards further goals: in the next three years we expect the integration of other IT facilities in Central & Eastern Europe, in order to achieve even more efficiency and rationalization."

As for the management strategy of the Group, Paolo Cederle, Head of the Group ICT and Operations Business Unit stated: "After the establishment of UniCredit Business Partner, an international service provider in the field of operations which ranks among the top five in Europe. Which took place at the beginning of the year, UniCredit continues, with the ICT Group & Operations Business Unit, its strategic plan. This plan envisages the creation of "global companies" that gather within themselves the people and the skills needed to provide specialized services to all the Group entities, which can, in turn, better focus on their core business. Following the acquisitions of recent years, this is – adds Mr. Cederle - a further step that points now to the true integration of the companies in order to maximize efficiency, quality, risk control and innovation and to help the real integration of the group.

UniCredit Group
Date: 17.07.2009