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51-563: The Italian Companies and Exchange Commission (CONSOB) was founded in 1974 through legislation merging the functions and jurisdictions that until then had been part of the Italian Ministry of Treasury. This was primarily power to monitor the securities markets. Over time CONSOBs powers and responsibilities have expanded significantly. In 1983 a new law extended its jurisdiction to protecting public savings, and two years later CONSOB received juridical personality and autonomy. In 1991, it

102-862: A 9% stake in Commerzbank . Half of the stake was bought on the open market; the other half was bought from the German government, which sold a part of the stake it owns since the financial crisis and Commerzbank's bailout. UniCredit also announced that it has asked for the ECB regulatory approval to raise its stake in Commerzbank beyond 9,9% in a move widely understood as the first step of a potential takeover of Germany’s second-largest private-sector bank by UniCredit. On 23 September 2024, UniCredit stated that it increased its stake in Commzerbank to 21% (even though

153-599: A demonstration in defence of Mattarella, denouncing Di Maio and Salvini as "authoritarian subsersives", while the Five Star Movement also announced a demonstration against Mattarella, calling him "antidemocratic". On 30 May 2018, it was agreed that Savona would serve as Italian Minister of European Affairs after both parties agreed to reinstate Conte as their choice for the prime minister and instead nominate economics professor Giovanni Tria , an associate of Savona, as Minister of Economy and Finances, thus ending

204-491: A fund managed by Cerberus Capital Management (€100 million gross), a US fund (€150 million gross), AnaCap Financial Partners (€420 million gross), Fortress Investment Group and PIMCO (€17.7 billion gross; UniCredit retained a minority stake in the securitization SPV), B2 Kapital (€110 million in gross from Slovenian subsidiary ) and B2Holding (€93 million from UniCredit Bulbank ). In October 2015, UniCredit also sold UniCredit Credit Management Bank (now doBank ),

255-634: A post that he kept until 1980. In the following years, he became President of Credito Industriale Sardo (1980–1989), Secretary-General for Economic Planning at the Ministry of Budget (1980–1982), Chief Executive Officer and then Managing Director of Banca Nazionale del Lavoro (1989–1990), President of the Fondo Interbancario di Tutela dei Depositi (1990–1999), Impregilo , Gemina, Aeroporti di Roma and Consorzio Venezia Nuova (2000–2010). After having been vice president of Capitalia , at

306-674: A press release that they froze the voting rights of the Libyan shareholders (Central Bank of Libya and Lia). In addition to aforementioned banking foundations, Fondazione Roma and Fondazione Manodori , the former owners of Capitalia, also owned 0.479% stake and 0.278% stake respectively as at 31 December 2015. Carimonte Holding, the joint venture of Fondazione Carimodena and Fondazione del Monte di Bologna e Ravenna, owned 2.115% stake of UniCredit in 2014. Other known shareholders were Fondazione Cassamarca (0.23% at 31 December 2016) and Fondazione CRTrieste (0.282% at 31 December 2016), which were

357-506: A transaction valuing the combined entity at about €5.4 billion. However, the deal was terminated on 27 July 2016. Nevertheless, Pioneer was sold in December 2016 to Amundi for €3.545 billion. UniCredit also received an extraordinary dividend of €315 million from Pioneer. From June 2015 to January 2017 UniCredit sold its NPLs that was doubtful to collect ( sofferenze ) to various investors, namely PRA Group Europe (€625 million gross),

408-884: A universal bank in Ukraine. With these two banks, the Group extended its operations in this area to 19 countries (including Central Asia). However, in November 2012, Kazakh government sources declared UniCredit is in talks with Kazakh investors over the sale of a controlling stake in ATF Bank. In 2010, UniCredit S.p.A. absorbed its Italian banking subsidiaries: UniCredit Banca , Banca di Roma and Banco di Sicilia . In 2013 UniCredit Finance reported that they would no longer provide banking services in Latvia. On March 14, 2014, UniCredit announced that it expected to cut around 8,500 jobs in

459-454: Is a pan-European bank with a strong presence in Western, Central and Eastern Europe. Through its European banking network, it provides access to market-leading products and services in 13 core markets: Italy, Germany as HypoVereinsbank , Austria as Bank Austria , Russia and nine other Central and Southeast European countries. UniCredit has been designated as a Significant Institution since

510-538: Is a stub . You can help Misplaced Pages by expanding it . This article about government in Italy is a stub . You can help Misplaced Pages by expanding it . Paolo Savona Paolo Savona (born 6 October 1936) is an Italian economist , professor , and politician . He was the Italian Minister of European Affairs from 1 June 2018 until 8 March 2019, his second stint in government after 1993–1994. During

561-928: Is based on a conversational operating model: customers can communicate with the bank through a chat system and receive assistance 24 hours a day, 7 days a week. The company has its registered office and general management in Milan . The registered office was located in Rome from the date of the merger with Capitalia in 2007, and relocated back to Milan in 2017. The registered office was located in Genoa from 1999 to 2007. UniCredit's core markets are Italy , Germany , Austria , Bosnia and Herzegovina , Bulgaria , Croatia , Czech Republic , Hungary , Serbia , Slovakia , Slovenia , Romania , and Russia . UniCredit Corporate & Investment banking division serves 1,500 multinational corporates and key financial institutions and supports

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612-602: The Capitalia Group, the fourth-largest Italian banking group (by total assets in 2006; Sanpaolo IMI and Banca Intesa were counted as one entity as the banks also merged in 2007). The registered office of the bank was also relocated from Genoa (inherited from Credito Italiano ) to 17 via Minghetti, Rome. In the same year, two more acquisitions were carried out: ATF Bank , which ranks fifth out of domestic banks in Kazakhstan with 154 branches, and Ukrsotsbank ,

663-751: The European Central Bank issued an order to reduce operations in Russia. On June 29, UniCredit filed a lawsuit with the European Court of Justice , demanding that the demands be declared illegal, since its activities in Russia are carried out outside the jurisdiction of the ECB. UniCredit is a public company with a free float equal to 100% of the shares outstanding and there are no controlling shareholders or shareholders' agreements. The major shareholders (above 3%) collectively represent only 13% of

714-691: The Italian Companies and Exchange Commission , the government authority responsible for regulating the Italian securities market. Savona was the academic dean of the Faculty of Political Science and International Relations , and director of the PhD in Geopolitics and Economic Geopolitics of the e-University Guglielmo Marconi, of Rome. He served also as Professor emeritus of Economic Politics at

765-688: The LUISS "Guido Carli" University. Savona founded and directed with Michele Fratianni the Open Economies Review, and he is at present the Scientific Editor of the following journals: Economia Italiana, Journal of European Economic History and Review of Economic Conditions in Italy. He taught in the universities of Perugia and Rome Tor Vergata , and at Public Administration Superior School. Savona's favourite research topics are

816-676: The Massachusetts Institute of Technology (MIT), where he came to work with Franco Modigliani . Together with Michele Fratianni, he studied international money creation . He also specialised at the Federal Reserve Board of Governors in Washington, D.C. In 1976, Carli became the President of General Confederation of Italian Industry (Confindustria) and asked Savona to follow him as Director-General,

867-788: The government led by Carlo Azeglio Ciampi (1993–1994), as Head of the Department for EU Policies of the Presidency of the Council of Ministers during the Silvio Berlusconi 's third cabinet (2005–2006), under Minister Giorgio La Malfa, and, consequently, Coordinator of the Technical Committee for the Lisbon Strategy , which prepared the draft of the Italian plan for Growth and Occupation, presented to

918-412: The international monetary system , the effects of the growth of the derivatives market on the efficacy of the economic policy, and the gaps in productivity between the centre-north of Italy and its south. He is the author and joint author of several papers and books on the problems of the real, monetary and financial economy, and on methodological issues. Among his research, great relevance is attributed to

969-692: The 2010s, Savona became one of the most fervent Eurosceptic economists in Italy. Savona was born in Cagliari , Sardinia , on 6 October 1936. After obtaining a degree in economics from the University of Cagliari in 1961, his career started at the Servizio Studi (internal research service) of the Bank of Italy . In that context, he worked together with Guido Carli (Governor, 1960–1975) and Paolo Baffi (Governor, 1975–1979), he attended classes at

1020-809: The European Commission in October 2005. In 2010, he was appointed President of Fondo Interbancario di Tutela dei Depositi for the second time and served as the Chairman of the Fintech startup Euklid Ltd until 2018. Savona also had several public offices in Italy and abroad, among which: member of the OECD Committee for the standardisation of financial statistics, and of the BIS Standing Committee on Eurodollars ; President of

1071-851: The Premio Capalbio 1998 in economy, the Premio IDI 1999 for the small and middle enterprise, the Premio Pisa 1999 for essay writing with the book Che cos'e' l'economia, the Premio Speciale 2000 for the sector 'Economy' as part of Premi della Cultura awarded by the Presidency of the Council of Ministers, the Premio 2008 in International economy awarded by Camera di Commercio di Genova, the Premio Scanno 2009 in economy,

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1122-683: The Republic on the proposal of the President of the Council of Ministers, who remain in office for seven years and their term is non-renewable. The organizational structure includes a central management committee under which there are eleven departments (issuers, intermediaries, markets, etc.) and thirty-nine divisions (company controls, public tender offers and ownership structure, financial representatives monitoring and register, insider trading, derivatives markets, etc.), with offices in Rome and Milan . This article about an organisation based in Italy

1173-574: The Russian market. Prior to the invasion, UniCredit had even considered buying the Russian bank Otkrytie. In March 2022, the bank estimated possible losses from exiting the Russian market at €7.4 billion. In May 2022, it became known that UniCredit had reserved more than €1 billion for possible losses in the Russian Federation, while still considering leaving the market. Later in May 2022, it

1224-755: The Technical-Scientific Council for Economic Planning, and of the Commission on Nuclear Power in Italy. In May 2018, the Five Star Movement and the League proposed Savona for the role of Italian Minister of Economy and Finances . President Sergio Mattarella opposed his appointment, considering his outspoken support for Italy's covert exit from the euro an overwhelming risk for the country's economy. The two parties refused to replace Savona with any other candidate, forcing

1275-577: The VII Premio Donato Menichella 2009 for socio-economic studies, and the Premio Fata Morgana 2010 in economy and finance. He is Chinese Eisenhower Fellow of Taiwan and Jemolo Fellow at Nuffield College, Oxford University. UniCredit UniCredit S.p.A. (formerly UniCredito Italiano S.p.A. ) is an Italian multinational banking group headquartered in Milan . It is a systemically important bank (according to

1326-477: The appointed prime minister Giuseppe Conte to give up on his task of forming a government. Mattarella subsequently called Carlo Cottarelli to the Quirinal Palace on 28 May with the intention of giving him the task of forming a new government. The appointing of Cottarelli sparked furious reaction from the leadership of the Five Star Movement, who accused Mattarella of committing a coup d'état against

1377-405: The bank announced a massive €13 billion recapitalization of the bank, as well as €8.1 billion loan loss provisions and net restructuring charges of €1.7 billion in the fourth quarter of 2016. In the 2016 European Union bank stress test announced on 29 July, UniCredit's CET1 ratio (fully loaded basis) was predicted at 7.10% in the adverse scenario on 31 December 2018, which was the second last among

1428-525: The bank to keep, was remained confidential. In January 2017 10 old ordinary shares were combined into 1 new ordinary share, as well as bearer savings share and registered savings share. On April 6, 2017, UniCredit issued its first bond in the United States in a decade. In mid-2017, a capital increase was completed as well as securitization and partial disposal of the NPLs of the bank. In December 2017,

1479-509: The big 5 Italian banks that participated in the stress test (the last was Banca Monte dei Paschi di Siena ). Based on the 2016 SREP, UniCredit Group has required a fully load basis CET1 ratio of 10.5% from 1 January 2019 due to an increase in Capital Conservation Buffer and global systemically important bank buffer as required by CRR and CRD IV . Moreover, the pillar 2 guidance: the additional capital that ECB suggested

1530-552: The crisis. Savona frequently denied being a Eurosceptic , saying that his Eurosceptic views had been exaggerated in the press, and that he never called for an exit from the eurozone and supported a strong, united Europe, commenting: "I want a different Europe, one that is stronger but fairer. Wild controversy has been made out of my ideas. I believe in European political union." On 8 March 2019, Savona left his post as Minister of European Affairs in order to become president of

1581-481: The entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank . UniCredit was the outcome of the 1998 merger of several Italian banking groups, which the majority one were Unicredito (banks from Turin , Verona and Treviso ) and Credito Italiano (consists of Rolo Banca , Banca Popolare di Rieti ), hence the name UniCredito Italiano . Credito Italiano issued about 38.46% new shares to

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1632-428: The first econometric model of Italian economy M1BI, the first analyses on the international monetary base and Eurodollar , and on the macroeconomic effects of derivative contracts, which have all anticipated in a systematic way the happening of the dramatic events experienced by the Italian and international economy in the last forty years. Savona won the prize awarded by Associazione per il Progresso Economico in 1976,

1683-431: The future, together with the announcement of a $ 15 billion loss in the 4th quarter of 2013 due to extensive cash-reserving for bad loans and writing down goodwill from acquisitions. UniCredit is one of the 6 European banks which are currently most exposed to potential problems in the emerging markets. In April 2015 UniCredit and Banco Santander reached a preliminary agreement to merge their asset-management businesses in

1734-535: The goal of fostering trade and investment between Eastern and Western Europe, UniCredit has joined up with Ost-Ausschuss der Deutschen Wirtschaft  [ de ] and the Federal State of Berlin to host the east forum Berlin . After a Russian invasion of Ukraine on February 24, 2022, UniCredit's Chief Executive Officer, Andrea Orcel, announced in March 2022 that the bank was actively considering leaving

1785-572: The group’s corporate banking units in delivering services to 600,000 corporate and public sector clients. Its International Network spreads over 16 countries worldwide and provides access to a network of 4,000 correspondent banking relationships, covering 175 countries. CIB international centers are present in New York City , London , Hong Kong , Singapore , Tokyo , Shanghai , Milan , Munich , Vienna , Budapest , Prague , Madrid, Beijing, Mumbai, Athens, Seoul, Zurich, Hanoi, Abu Dhabi. With

1836-746: The list provided by the Financial Stability Board in 2022) and the world's 34th largest by assets. It was formed through the merger of Credito Italiano and Unicredito in 1998 but has a corporate identity stretching back to its first foundation in 1870 as Banca di Genova . UniCredit is listed on the Borsa Italiana and Frankfurt Stock Exchange and is a constituent stock of the Euro Stoxx 50 index of leading shares. With corporate & investment banking , commercial banking and wealth management operations, Unicredit

1887-505: The moment of the merging with UniCredit , he was named president of Banca di Roma . Between 2000 and 2010, he was also a Board Member of RCS MediaGroup and Telecom Italia . Politically, Savona was inspired by Ugo La Malfa and thus involved in the Italian Republican Party (PRI), where he was close to Giorgio La Malfa , until the early 1990s. Savona served as Minister of Industry, Commerce and Craftmanship in

1938-462: The new acquisition of a 11,5% stake in Commerzbank need an ECB approval to be settled) and has submitted a request to the ECB to increase its stake to 12,9%. On 29 January 2018 buddybank was launched on the Italian market. buddybank is the first mobile-only bank designed for iOS devices , but is also developed on Android : the official app of the service is available on Android smartphones , iPhone , iPad and iPod Touch devices. buddybank

1989-409: The only foreign banks on the central bank's list of 13 "systemically important credit institutions," and are therefore extremely important in the Russian financial system. In 2022, UniCredit's total revenue exceeded €20 billion, with more than €1 billion coming from its Russian operations. In May 2024, a Russian court authorized the seizure of €462.7 million of Unicredit's assets. In April 2022,

2040-406: The owners of Unicredito, and renamed itself to Unicredito Italiano. Other banks such as Banca dell'Umbria , Cassa di Risparmio di Carpi , Cassa di Risparmio di Trento e Rovereto (Caritro), Cassa di Risparmio di Trieste also joined the group in 1998–2000. A new subsidiary was also created in December 1999 which was named after the original Credito Italiano . In 1999, UniCredito Italiano, as it

2091-527: The savings share ( Italian : azioni di risparmio ) of the bank was converted to the ordinary share, as well as the removal of the 5% cap on voting rights for each entity. In October 2023, UniCredit announced that it would become the largest investor in Alpha Bank , buying a 9% stake in the Greek bank and taking over its Romanian subsidiary. On 11 September 2024, UniCredit announced that it had purchased

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2142-437: The share capital (3 March 2021): In addition, Fondazione Cariverona , Fondazione Cassa di Risparmio di Torino , the owners of the predecessors of UniCredit, as well as foreign sovereign wealth fund (and other government entity): Central Bank of Libya (and its subsidiary Libyan Foreign Bank ) were the shareholders of UniCredit that owned more than 2% stake as at 31 December 2015. On 11 March 2011, Unicredit said in

2193-547: The sprawling group. On 30 June 2005 Banca dell'Umbria and Cassa di Risparmio di Carpi were absorbed into the parent company. In 2006 the securities services business of UniCredit (2S Banca, now Société Générale Security Services S.p.A.) was sold to Société Générale for €579.3 million. In 2006, minority interests in the savings banks of Bra (31.021%), Fossano (23.077%), Saluzzo (31.019%) and Savigliano (31.006%) were sold for about €149 million to Banca Popolare dell'Emilia Romagna . In 2007, in combination with

2244-595: The stake in FinecoBank in mid 2016, as well as sold Ukrainian bank Ukrsotsbank to Alfa Group in January 2016. In December 2016, the card business in Italy, Germany and Austria was sold to SIA for €500 million. On 13 December 2016, despite the annual European Central Bank (ECB) Supervisory Review and Evaluation Process (SREP) lowed the CET1 ratio (transitional basis) requirement of UniCredit from 9.75% to 8.75%,

2295-483: The subsidiary that specialized in managing NPLs to Fortress Investment Group and Prelios S.p.A. A portfolio of €2.4 billion (in gross book value) NPLs was included in the deal. On a year to year basis, the net value of sofferenze had increased from €19.701 billion on 31 December 2014 to €19.924 billion on 31 December 2015 (or from €52.143 billion to €51.089 billion in gross). In December 2016 UniCredit sold Polish bank Bank Pekao . UniCredit had already sold part of

2346-595: The will of the Italian people. On the evening of 27 May 2018 Di Maio announced that the M5S would initiate an impeachment procedure against President Mattarella for attempting to overthrow the Constitution; Giorgia Meloni , leader of Brothers of Italy , also announced an impeachment procedure against Mattarella for high treason . The move sparked a constitutional crisis : the Democratic Party announced for

2397-534: Was a major shareholder in Bank Medici AG. Bank Medici was Thema Fund 's investment manager . In return for finding investors, Bank Medici collected fees of 4.6 million euros from Thema International Fund in 2007. Following the news that Bank Medici had invested US$ 2 billion with Bernard Madoff , officials in Vienna appointed a supervisor to run the private bank, raising questions about control of

2448-414: Was attributed powers to audit securities brokerage companies and monitor insider trading. CONSOB carries out several functions: CONSOB is headed by a collegiate body consisting of a chairman (as of November 2019 Paolo Savona ; his predecessors include Mario Nava, Giuseppe Vegas , Lamberto Cardia, Luigi Spaventa , Enzo Berlanda, and Franco Piga) and four members, appointed by a decree of the President of

2499-551: Was reported that UniCredit and Citigroup were considering exchanging assets in Russia. UniCredit's position has been that it is unwilling to sell its business at undervalued prices and does not want to face serious financial losses. According to the Financial Times, billionaire Volodymyr Potanin's "Interros" was one of the contenders to purchase UniCredit's business, but UniCredit denied the proposal due to unfavorable conditions. Raiffeisen Bank International and UniCredit are

2550-570: Was spin off from it in 2003. In 2005, UniCredit merged with the German group HypoVereinsbank (HVB), which is itself formed in 1998 by the combination of two Bavarian banks: Bayerische Vereinsbank and Bayerische Hypotheken-und Wechsel-Bank. Integration with the HVB Group was reinforced by the merger with Bank Austria Creditanstalt in the year 2000 and enabled further growth for the UniCredit Group. Additionally, Bank Austria Creditanstalt

2601-468: Was then known, began its expansion in Eastern Europe with the acquisition of Polish company Bank Pekao . On 30 June 2002, UniCredit started its S3 project which merged 7 of their bank network: Rolo Banca , Banca CRT , Cariverona Banca , Cassamarca , Cassa di Risparmio di Trento e Rovereto and Cassa di Risparmio di Trieste into Credito Italiano, and Credito Italiano was renamed into UniCredit Banca. UniCredit Private Banking and UniCredit Banca d'Impresa

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