Unicredit S.p.a. · MIL:UCG
Unicredit — Investor Day (December 2021)
83 slides from Unicredit's investor day presentation, Dec 9, 2021
Slide 1: UniCredit Unlocked: UniCredit Strategy Day
UniCredit Unlocked UniCredit Strategy Day Milan, 9 December 2021
Slide 2: UniCredit Unlocked
UniCredit Unlocked Empowering Communities to Progress
Slide 3: UniCredit Today
UniCredit Today 13 leading banks with unrivalled distribution power and truly diverse talent Connecting 15m clients across Europe ... Untapped potential, 14m 1m Cross-border payments market share: waiting to be Retail clients Corporate clients c. 2x intra-country unlocked ... through a unique and di
Slide 4: Stakeholder perceptions are still far away from our potential
UniCredit Today Stakeholder perceptions are still far away from our potential Clients Employees Investors I applied for a loan We are losing new Is UCG still in and it took a lot to complete potential business opportunities restructuring mode? the process – too slow, because there are too many inter
Slide 5: Stakeholder perceptions are still far away from our potential
UniCredit Today Stakeholder perceptions are still far away from our potential Purpose Client proposition Employees Value proposition Valuation What does UniCredit A simpler, better Daily work No clear strategy for Current delivery and stand for? integrated, faster to environment and sustainable grow
Slide 6: Our strategic imperatives and financial goals
UniCredit Unlocked Our strategic imperatives and financial goals Grow in our regions and develop our client franchise RoTE of c.10% by 2024 and ● Quality growth both from existing and new clients ● Develop best-in-class products and services: either in-house or with external partners sustainable dis
Slide 7: Win. The Right Way. Together.
UniCredit Unlocked What defines us and how we do business Win. For our clients: delivery of best-in-class products and services For our investors: creating long term shareholder value For us: uniting behind a single ambition and shared principles The Right Way. Integrity Ownership Care Together. As
Slide 8: Optimise Today / Build for Tomorrow
UniCredit Unlocked Optimise Build for Today Tomorrow
Slide 9: Connecting to our clients in a unified way across Europe
Optimise Today Connecting to our clients in a unified way across Europe 15m clients Reunified client segments 13 banks Harmonised service model Simplified processes 4 87k Common organisational structure regions 2 people1 Best-in-class factories delivering for our clients product factories2 9
Slide 10: A unified approach: putting clients back at the centre
Optimise Today: Clients A unified approach: putting clients back at the centre Unified From Fragmented1 To and Simplified1 Retail Corporate Illustrative Private Large Illustrative Banking Corporate 54% Revenue2 Balanced Medium 46% Revenue2 Affluent franchise Corporate between Corporate and Retail Ma
Slide 11: Culture of empowerment, centred around the client
Optimise Today: People Culture of empowerment, centred around the client Ultimate decision-making Empowered with accountability, From To far from the client within a clear framework Decisions 83k Unnecessary bureaucracy Ownership within clear risk / year1 and behaviour parameters Risk decisions in I
Slide 12: United behind a single ambition and purpose
Optimise Today: People United behind a single ambition and purpose A new mindset Galvanised by a Win. common objective The Right Way. ● Reclaiming pride in our businesses and our services Together. ● Driving together to take back market share The Bank for Europe’s Future Inspired to deliver Truly Eu
Slide 13: From a complex, siloed model to a lean Group working in partnership
Optimise Today: Organisation From a complex, siloed model to a lean Group working in partnership From To CB CB CB 5 4 Italy Germany Austria CEE Siloed business Coverage regions divisions 1 Centralised CIB 2 Product factories Non-Core Non-Core serving all regions 1 Heavy, commanding Corporate Centre
Slide 14: Client coverage harmonised and fully returned to our banks and people
Optimise Today: Organisation Client coverage harmonised and fully returned to our banks and people 8bn Revenue 4bn Revenue Clients Approached in a unified way: harmonised service segments and standardised delivery model 10% RoAC1 7% RoAC People Accountable for decisions made for clients, within a cl
Slide 15: Focused on our strengths, striving for excellence for our clients
Optimise Today: Organisation Focused on our strengths, striving for excellence for our clients Corporate Individual Solutions Transactions and Payments Advisory and Capital Markets Solutions Value-added Truly products and Life capital-light services Client Risk Mgmt. Insurance model Balanced mix of
Slide 16: True access to value-added services for our Corporate clients
Optimise Today: Organisation True access to value-added services for our Corporate clients 1m Corporate Clients Transactions and Payments Advisory and Capital Markets Corporate Solutions Unique differentiators in our model ... Life Extensive Corporate client base Client Risk Insurance Large with lon
Slide 17: Leveraging our competencies, driving capital-light growth
Optimise Today: Organisation Leveraging our competencies, driving capital-light growth Corporate Solutions > 5bn Revenue 2021 4% Revenue CAGR 2021-24 Strategic Actions 13% 17% RoAC 2021 RoAC 2024 Advisory and 0.5 +11% ● Strengthen advisory – from a low base Capital Markets ● Focusing on value-added
Slide 18: The right model for our clients and for us
Optimise Today: Organisation The right model for our clients and for us Principles behind Individual Solutions our model Transactions Advisory & & Payments Capital Markets The model that delivers results … Shared costs Life High retention of value chain coming Client Insurance together with best-in-
Slide 19: Ambition to grow significantly, offering simpler solutions for clients
Optimise Today: Organisation Ambition to grow significantly, offering simpler solutions for clients Individual Solutions 3bn Revenue 2021 5% Revenue CAGR 2021-24 Strategic Actions High RoAC 2024 Life Insurance and Protection as core banking service Life Insurance +1% Insurance 0.7 ● Simplified partn
Slide 20: Optimise Today / Build for Tomorrow
UniCredit Unlocked Optimise Build for Today Tomorrow
Slide 21: Investing in digital, data and our people
Build for Tomorrow Investing in digital, data and our people Digital & Data 2.8bn Total IT investments1 New hires 3.6k New hires2 2022-24 2022-24 Case studies User experience +1.5k Business Smart banking New platform for unique and Germany consistent experience across devices Advice and services ava
Slide 22: A new way of working, investment model and client approach
Build for Tomorrow: Digital & Data A new way of working, investment model and client approach Internalisation and rationalisation Way of Investment Client working model approach Reclaim core competencies and skillset Modular and reusable Amplified through Focused on value creation Rationalise soluti
Slide 23: Internalising core competencies and rationalising the digital organisation
Build for Tomorrow: Digital & Data Internalising core competencies and rationalising the digital organisation Fragmented infrastructure Ownership of core competencies From and externalised skillset To and upskilled, streamlined workforce Transactions and Payments 80% Loans Internal and under our con
Slide 24: A new way of working: platforms to deliver reusable, quality solutions
Build for Tomorrow: Digital & Data A new way of working: platforms to deliver reusable, quality solutions at speed Siloed applications with Group-wide, modular and From duplicated development To therefore scalable approach ITA GER CE EE Months Weeks Functional organisational Agile Build based on mod
Slide 25: Increased impact of investment: through efficiency and scale
Build for Tomorrow: Digital & Data Increased impact of investment: through efficiency and scale From Constrained IT spend To Increased IT investment Scattered and consumed by high cost, Higher overall low productivity IT spend, but directed on externals lower cost, better skilled and higher Prioriti
Slide 26: Organised around products and platforms with an agile way of working
Build for Tomorrow: Digital & Data Organised around products and platforms with an agile way of working Traditional, functional, fragmented Digital, centred around clients’ needs, organised From and duplicative approach To around products, leveraging common platforms Legal Digital Digital Legal Comp
Slide 27: Data and AI to learn at scale and continuously adapt to change
Build for Tomorrow: Digital & Data Data and AI to learn at scale and continuously adapt to change Relevant conversations Faster and smarter decision making Personalisation at scale based on Real-time data accessibility and self-service persistent IDs across all stages of consumption leading to bette
Slide 28: Leading by example with sustainability embedded in our culture
Build for Tomorrow: Sustainability Leading by example with sustainability embedded in our culture Environment Social Governance Our greenhouse gas emissions Corporate citizenship and Global policies philanthropic initiatives 60% > 40m ● ● ESG policies, statements and commitments Human capital polici
Slide 29: We will help our clients and communities to progress
Build for Tomorrow: Sustainability We will help our clients and communities to progress Social ESG advisory model for Corporates and Individuals Financial support for categories at risk of exclusion (Recovery and Financing innovation for environmental Resilience Facility funds, training, transition
Slide 30: Our financial goals
UniCredit Unlocked Our financial goals Optimise Build for Today Tomorrow
Slide 31: Initiatives already delivering results
Our financial goals Initiatives already delivering results Clients grouped the same way; service models adjusting People with clearer objectives, UniCredit Unlocked driving the business New client-focused organisational structure; refined management team Digital transformation in flight First eviden
Slide 32: Macroeconomic advantages from our positioning
Macroeconomic advantages from our positioning Striving to deliver alpha Our Interest Rate scenario Our footprint has 20bps higher CE & EE benefit from strong Overweight countries with access is conservative GDP growth than the Eurozone expected loan growth to Recovery and Resilience Facility Euribor
Slide 33: Our financial goals
Our financial goals UniCredit Unlocked Optimise Operational efficiency: 1.5bn gross cost savings o/w Digital & Data: 0.4bn rationalisation Capital efficiency: c.130bps gross saving1 Shareholder distribution6 Distribute ≥16bn Consistent with our organic capital generation The Bank Invest for Europe’s
Slide 34: Drive higher sustainable returns through interconnected levers
3 levers Drive higher sustainable returns through interconnected levers Total costs Cost Deliver a lower absolute cost base while funding digital transformation and investing in the business Levers largely under management control The Bank Allocated capital for Europe’s Capital Optimal capital alloc
Slide 35: Our principles for operational excellence
3 levers: Cost Our principles for operational excellence Targeted reductions Self-funding investments Selective efficiency, mainly Freed-up resources ✓Enhanced of non-business items, without invested in frontline, client experience impact on revenue generation Digital & Data ✓Improved work and contr
Slide 36: Driving operating leverage whilst funding higher investments
3 levers: Cost Driving operating leverage whilst funding higher investments c. 56% Targeted approach Growing c. 50% 4p.p. C/I ratio to cost savings and digitising C/I ratio Positive operating leverage1 0.5bn inflation 1.5bn gross 0.6bn additional savings investments 9.9 2.8bn cumulative 9.4 1.2bn gr
Slide 37: Our principles for capital deployment maximise risk-adjusted returns
3 levers: Capital and Net Revenue Our principles for capital deployment maximise risk-adjusted returns Empower Frontline owning the business Mindset Shift and driving growth within clear parameters ✓Focus on Change from maximising high profitability, capital-light areas top-line growth to obsession
Slide 38: Capital-light fee business and optimisation of capital allocation drive returns
3 levers: Capital Capital-light fee business and optimisation of capital allocation drive returns Net revenue driven by fees Granular analysis of lending portfolio to and higher RoTE lending Delta reallocate capital to higher return areas 2021-24 2% + 1.1bn + CAGR Fees1 41% 43% 0.8bn + NII minus LLP
Slide 39: Active portfolio management and capital allocation boost returns on RWA
3 levers: Capital Active portfolio management and capital allocation boost returns on RWA Net revenue / RWA Refocus Headwinds Growth 4.9% c.5bps c.35bps c.-5bps c.10bps 5.3% Basel 4 Fully Loaded impact – post 2024 - estimated Active portfolio management at c.70bps pre mitigation actions 1 <340bn c.3
Slide 40: Incremental capital-light net revenue growth through tangible actions
3 levers: Net Revenue Incremental capital-light net revenue growth through tangible actions Delta net revenue 2021-24, bn 2 % CAGR 4 % CAGR Including 0.2bn incremental from ESG Net interest income minus LLPs Fees 0.8 1.1 0.4 Higher Market share NII headwinds Delta NII Corporate Individual Delta fees
Slide 41: Supporting our clients' green and social transition
3 levers: Net Revenue Supporting our clients’ green and social transition Environmental Lending New production Incremental revenue of 0.2bn with bulk of the facilities to support clients in green transition New Production 25bn Stock ESG Investment Products1 >40% of 2024 AuM invested in ESG products
Slide 42: Network empowered to drive within well-defined risk parameters
3 levers: Net Revenue Network empowered to drive within well-defined risk parameters Origination in regions with … leading to a stable Cost of Risk lower risk … and decreasing gross NPE ratio Delta client loans by region CoR1 105 Net NPE stable and below 20% of above tangible equity average 71 5.0%
Slide 43: Combination of levers deliver c.10% RoTE with manageable execution risk
3 levers Combination of levers deliver c.10% RoTE with manageable execution risk RoTE walk RoTE evolution All figures in % All figures in % Net profit 2021 guidance >3.7bn underlying net profit equal to 2022 net profit guidance, >3.3bn with new net profit definition >3.3bn, in line with 2021 c.10 9.
Slide 44: Ample buffers over capital and liquidity regulatory requirement
Balance sheet and liquidity Ample buffers over capital and liquidity regulatory requirement Capital ratios Liquidity ratios (2024) (2024) CET1 ratio 12.5-13% Leverage ratio transitional > 5% LCR 125-150% TLAC ratio > 22.5% MREL ratio > 27% NSFR 115-120% 45% of 2024 allocated capital to countries wit
Slide 45: Our new model's distribution does not erode CET1
Distribution Our new model’s distribution does not erode CET1 New business model does From Capital-intensive Capital-light To not rely on capital-intensive revenue to grow, hence allowing for a significant increase in the distributable amount while maintaining a robust CET1 ratio: c.3x former model
Slide 46: Sustainable capital generation unlocks meaningful distribution
Distribution Sustainable capital generation unlocks meaningful distribution Organic capital generation each year ... ... funds a consistent and significant distribution for investors 2021 2022 2023-24 2021 distribution Expected In line with, or greater than Progressive 16bn ≥ 3.7bn 2021 increase 202
Slide 47: Robust capital position with deployment options
Distribution Robust capital position with deployment options Stronger … 12.5-13% CET1 ratio ✓ Target revised upwards >5% Leverage ratio transitional ✓ New target ... whilst retaining >130bps p.a. from net profit ✓ Higher than previous plan deployment flexibility Disciplined approach to inorganic opt
Slide 48: Our regions
UniCredit Unlocked Our regions Optimise Build for Today Tomorrow
Slide 49: We will leverage our solid foundations across our footprint
Our regions We will leverage our solid foundations across our footprint Scale Each region inherent advantage in technology and in our business model delivering a return above Diversification their respective unique strategic Cost of Equity flexibility Higher Low return risk A superior risk reward Cr
Slide 50: Limited correlation between market share and profitability
Our regions Limited correlation between market share and profitability From c.60% of allocated capital in segments with RoAC higher than 10% in 2021, to 100% in 2024 Corporate Retail CE 16% 16% Italy 14% 14% 12% 12% CE Italy 10% 10% 8% 8% Loan Market Share Loan Market Share Germany 6% 6% EE 4% 4% EE
Slide 51: Italy: Strong positioning and distribution power
Italy Strong positioning and distribution power A well-established ... yet to be Positive momentum scale business ... fully realised in macro Market share of loans1 >10% >5% Market share1 > 10% >10% loans mutual TFA / GDP6 3.0% Italy 2.4% EU-19 funds3 Personal 45% 63% debt / GDP6 Italy EU-19 Persona
Slide 52: Italy: Plan to reinforce client franchise and run at full potential
Italy Plan to reinforce client franchise and run at full potential 60 20 20 Contribution Net to RoAC Capital Cost Revenue improvement % % % 2021-24 CAGR + 1% gross1 − 5% net + 3% gross2 + 1% net − 1% Capital efficiency through active Gross growth, driven by capital Reinvest half of headquarter portf
Slide 53: Italy: Focus on sustainable business growth
Italy Focus on sustainable business growth Initiatives Facts ● Enhanced offering of investment and insurance for Retail and SMEs > 25bn Investment + 10% Consumer loans ● Rebuild natural share in high risk-adjusted return products 2021-24 CAGR Clients businesses keeping a stable Cost of Risk placemen
Slide 54: Germany: Strong bank supporting the German economy and society
Germany Strong bank supporting the German economy and society Powerhouse in Bavaria, strong base for Mittlestand position Client-centric Largest economy in EU business model with focus on exports across the country 60k Yearly GDP growth2 Private Banking clients … with Best portfolio management 5.0%
Slide 55: Germany: To be a leader with respect to profitability
Germany To be a leader with respect to profitability 25 30 45 Contribution Net to RoAC Capital Cost Revenue improvement % % % 2021-24 CAGR + 2% + 2% − 4% In spite of actions to Focus on fees and superior Optimisation of business mitigate c.5p.p. from ESG advisory resulting in model resulting in a bu
Slide 56: Germany: Business growth and optimisation of operative model
Germany Business growth and optimisation of operative model Initiatives Facts ● Superior ESG advisory capabilities to support clients’ green transition > 20% ESG revenue + 12bn AuM Private Banking + 6% Loans to Small and ● Leverage strong position as the Go-to bank for 2021-24 CAGR1 2021-24 growth M
Slide 57: Central Europe: Strong and profitable franchise
Central Europe Strong and profitable franchise: scope to further improve positioning Austria, Czech Republic, Hungary, Slovakia, Slovenia Solid positioning with Balanced mix, strong market Potential from funds and leadership in Austria shares and recognised expertise improving macro trends Loan mark
Slide 58: Central Europe: Structural review of operating model and targeted growth
Central Europe Focusing on structural review of operating model and targeted growth … Austria, Czech Republic, Hungary, Slovakia, Slovenia 10 65 25 Contribution Net to RoAC Capital Cost Revenue improvement % % % 2021-24 CAGR + 5% + 6% − 2% Allocated capital growth in line Solid revenue growth Improv
Slide 59: Central Europe: Better support clients and rebalance towards Retail
Central Europe … to better support clients in their transition and rebalance towards Retail Austria, Czech Republic, Hungary, Slovakia, Slovenia Initiatives Facts ● Improved client service model supported by digital offering and seamless client experience + 2p.p. Retail revenue + 1% Above the market
Slide 60: Eastern Europe: Leading bank in fast growing region
Eastern Europe Leading bank in fast growing region Bosnia Herzegovina, Bulgaria, Croatia, Romania, Russia, Serbia Leadership position Balanced business mix and in the region excellent market recognition Fast growing economies 1 1 Market share Yearly GDP and market loan of loans1 >15% # # growth4 by
Slide 61: Eastern Europe: Consolidate leadership to boost net revenue
Eastern Europe Consolidate leadership to further boost net revenue and enhance returns Bosnia Herzegovina, Bulgaria, Croatia, Romania, Russia, Serbia 30 65 5 Contribution Net to RoAC Capital Cost Revenue improvement % % % 2021-24 CAGR + 4% + 6% + 3% Active portfolio management Focus on higher risk-a
Slide 62: Eastern Europe: Outpacing market growth in Retail and consolidation of Corporate
Eastern Europe Outpacing market growth in Retail and consolidation of Corporate Bosnia Herzegovina, Bulgaria, Croatia, Romania, Russia, Serbia Initiatives Facts ● Innovative service model (remote hubs) for Micro and Small Corporates, improved multichannel client journeys for + 12% + Fees 6% individu
Slide 63: Applying the appropriate levers to grow and improve returns
Our regions Applying the appropriate levers to grow and improve returns All businesses delivering improved returns through different levers Fees to Net revenue RoAC revenue to RWA Delta weight allocated capital 3 levers contribution to RoAC improvement 2024 2024 2024 2021-24 38% Italy 60% 20% 20% >1
Slide 64: UniCredit Unlocked
UniCredit Unlocked Optimise Build for Today Tomorrow
Slide 65: Our strategic imperatives and financial goals
UniCredit Unlocked Our strategic imperatives and financial goals RoTE of c.10% by 2024 and Grow in our regions and develop our client franchise sustainable distribution of at least 16bn between 2021-24 Change our business model and how our people operate via three interconnecting levers Cost reducti
Slide 66: Our financial ambition
UniCredit Unlocked Our financial ambition 2021 (Guidance) 2024 Net revenue >16bn >17bn Fees, % of revenue c.38% c.40% Cost / Income c.56% c.50% Net profit >3.3bn >4.5bn RoTE >7.0% c.10% Organic capital generation c.150bps per annum CET1 13.5-14% 12.5-13% Total ESG volumes 150bn cumulative 2022-24 66
Slide 67: Why UniCredit?
UniCredit Unlocked Why UniCredit? Cost Shareholder Sustainability Solidity Growth efficiency returns ESG Rating A 12.5-13% c.50% + 2% ≥ 16bn CET1 ratio1 Cost / Income ratio Net revenue Shareholder distribution FY24 2021-24 CAGR 2021-245 Net Zero Banking Alliance c.3.5% 4p.p. >15% c. 65% Gross NPE ra
Slide 68: Our commitment to 2024 and beyond
UniCredit Unlocked Our commitment to 2024 and beyond Clients Employees Investors NEW CLIENT PROPOSITION EMPOWERED EFFICIENT Regained pride Best-in-class products and advice Increased net profit Clients at Win. the centre The Right Way. Unified RoTE >10% Sustainability shared purpose DATA-DRIVEN Toge
Slide 69: Empowering Communities to Progress
UniCredit Unlocked Empowering Communities to Progress
Slide 70: Annex
Annex UniCredit Strategy Day Milan, 9 December 2021
Slide 71: 2021 one-offs
2021 one-offs 2021 Net profit impact Notes HR integration costs −0.6bn Gross impact: Digital and real estate integration costs −0.3bn − 1.2bn Regulatory headwinds LLP −0.2bn Fair value adjustment for IFRS5 −0.7bn FX reserve impact from participation disposal −1.6bn Capital neutral +1.3bn DTA write-u
Slide 72: Austria: Leading position and improving macro trends
Austria Leading position and improving macro trends Balanced mix and strong Ranked #1 nation-wide market share in all segments Improving macro trends Loan market share in 10% Retail Yearly GDP growth2 region1 14% Corporate 5.1% 2.1% 1.6% Market Share of Loans1 2022 2023 2024 > 10% ● GDP growth in pl
Slide 73: Austria: Aiming at growing further with structural review of operating model
Austria Aiming at growing further with structural review of operating model 15 50 35 Contribution Net to RoAC Capital Cost Revenue improvement % % % 2021-24 CAGR + 4% + 5% − 4% RWA optimisation to mitigate Back to natural market share Streamline the operating regulatory headwinds fostering in Retail
Slide 74: Austria: Regaining natural market share in core products
Austria Regaining natural market share in core products Initiatives Facts ● Fast implementation of a state-of-the-art technological client-centric framework + 3p.p. Mortgages + 8p.p. Consumer loans ● Expand client reach, exploit opportunities market share market share vs. 2021 Clients vs. 2021 ● All
Slide 75: Notes
Notes UniCredit Strategy Day Milan, 9 December 2021
Slide 76: Disclaimer
Disclaimer This Presentation may contain “forward-looking statements”, which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and pr
Slide 77: Information related to this presentation
Information related to this presentation General notes Main definitions End notes are an integral part of this presentation. “Net revenue” means (i) revenue, minus (ii) Loan Loss Provisions See slides from 78 at the back of this presentation for information related to the financial metrics and “Clie
Slide 78: Endnotes: Slides 1 to 17
Endnotes: Slides 1 to 17 These notes refer to the financial metrics and/or defined term presented on: Slide 3 UniCredit Today 1. Refers to Group Executive Committee and first line reporting to Group Executive Committee 2. Data as of 3Q21 3. Positioning as per total assets, 2Q21. Eastern Europe exclu
Slide 79: Endnotes: Slides 18 to 34
Endnotes: Slides 18 to 34 These notes refer to the financial metrics and/or defined term presented on: Slide 18 Optimise Today: Organisation 1. New business market share in Italian bancassurance market. Source: IAMA monitor database, internal elaboration Slide 21 Build for Tomorrow: Investing 1. Inv
Slide 80: Endnotes: Slides 35 to 42
Endnotes: Slides 35 to 42 These notes refer to the financial metrics and/or defined term presented on: Slide 35 Costs 1. Staff costs and expenses of controlling, supporting and governance functions 2. Staff costs and expenses directly (e.g. frontline) or indirectly (e.g. back office) linked to reven
Slide 81: Endnotes: Slides 43 to 53
Endnotes: Slides 43 to 53 These notes refer to the financial metrics and/or defined term presented on: Slide 43 RoTE walk 1. Stated RoTE calculated as (i) stated net profit, TO (ii) average tangible equity excluding AT1 Slide 44 Balance sheet and liquidity 1. Based on S&P Slide 46 Capital distributi
Slide 82: Endnotes: Slides 54 to 59
Endnotes: Slides 54 to 59 These notes refer to the financial metrics and/or defined term presented on: Slide 54 Germany positioning 1. From Dealogic as of October 2021, category ‘All German Green and ESG-linked loans ’ 2. Based on UniCredit Macroeconomic Projections, October 2021 3. GDP export relat
Slide 83: Endnotes: Slides 60 to 74
Endnotes: Slides 60 to 74 These notes refer to the financial metrics and/or defined term presented on: Slide 60 Eastern Europe positioning Source: Best Bank and Private Bank in Bulgaria as of 2021, Global Finance Magazine. Best bank in Bosnia and Private Bank in C roatia as of 2021, Euromoney. Trade