UniCredit Unlocked Strategy

Andrea Orcel, Chief Executive Officer UniCredit S.p.A.

UniCredit is a transformed bank, with a clear vision and winning strategy: moving at an unprecedented pace, ready to face and take advantage of the future.

Andrea Orcel
Chief Executive Officer UniCredit S.p.A.

13 leading Banks with unrivalled distribution power and truly diverse talent

Unlocking the full potential of the franchise

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15 million

customers worldwide

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coverage regions

13 BanksA Embedded in the fabric of Europe, positioning:






Central EuropeB


Eastern EuropeC

A. Refer to the Business Model chapter in the Integrated Report for further information.
B. Central Europe includes Austria, Czech Republic, Hungary, Slovakia and Slovenia.
C. Eastern Europe includes Bosnia and Herzegovina, Bulgaria, Croatia, Romania, Russia and Serbia.


International mindset


Gender balance


D. Figures related to Board refer to Board members in office as at February 7, 2023.


A year ago we set our Purpose of empower­ing communities to progress and set out our UniCredit Unlocked strategic plan. The goal of our strategy is to unlock the value inherent in UniCredit via an industrial transformation combined with three financial levers of net rev­enue growth, operational efficiency and capital efficiency.

UniCredit Unlocked

Defining a clear vision and winning strategy

We are deeply embedded in our Communities, helping them to deliver their full potential by acting as an engine of individual and collective growth. Our Clients, spread across the commu­nities of Europe, are at the heart of our strategy - we exist to serve them.

A reliable partner in life is what our People are asking of us. They want an institution they can trust, an environment in which they can flourish as individuals and professionals and a business they feel proud to work for, providing them with the tools to deliver an exceptional service to clients.

We are delivering growing and sustainable returns for our Investors and achieving con­sistently excellent results against clear financial KPIs across our three levers - cost, net revenue and capital.

Our strategy is based on our vision and tailored to our strengths and complemented by an ecosystem built around five industrial levers.



Executing an ambitious industrial plan


Our actions are directly connected to our financial KPIs through which we manage the three levers of cost, net revenue and capital. Together, these levers drive RoTE and organic capital generation, giving us the ability to withstand shocks and to deliver sustainable and attractive shareholder distributions. The laser-focused balance of quality top line growth and capital efficiency combined with operational efficiency drive the foundations of our planned distribution It is a virtuous circle and a fundamentally different way of assessing financial performance - different from our peers and very different from the UniCredit of the past.

  FY2022 FY2022  vs FY2021C
Net revenueA 18.4bn +13%
o/w Gross revenueA 20.3bn +14%
C/I ratioA 47% -7.5 p.p.
Cost Y/Y  growthA   -2 p.p.
Organic capital generation +279bps


  FY2022 FY2021
RoAC/RoTE @13% CET1r
(for Group)
12.3% 8.6%

A. Figures Group including Russia; Avg. FY17-19 based on simple average of recasted figures of Group excluding Turkey and Fineco for comparison purposes; 2024 UniCredit Unlocked figures as presented in December 2021
C. For Central Europe, Eastern Europe and Russia, year on year comparison at constant fx.


Laying the foundations to win in an uncertain future

While delivering consistent results quarter after quarter, we have prudently built robust lines of defence in order to prepare for future and potential macroeconomic impacts:

  • portfolio is well-provisioned;
  • forward looking overlays, increased in 4Q, now at €1.8bn. Equals more than 1 year of cost risk (assumed at 30-35bps in UniCredit Unlocked);
  • step change in pre-provision profitability reflecting quality and capital efficiency and operational efficiency;
  • unmatched capital position.

We continue preparing for an uncertain future with pre-emptive actions across all levers.



In line with our Ambition to be the bank for Europe's future, ESG considerations are a core part of our Culture and mindset.

Discover more in the Integrated Report