Letter from the Chief Executive Officer

Andrea Orcel

As a bank, we are committed to shaping a future for our clients and communities that is fairer, greener and more sustainable.
This is by providing them with the tools, support and knowledge they need no matter where they are on their journey.

 

Dear Stakeholders,

At UniCredit, we believe banks represent more than just finances and numbers. They represent people and communities.

With the enduring energy crisis in Europe, the war in Ukraine and the global climate emergency, supporting the regions we operate in has never been more important.

As a bank, we are committed to shaping a future for our clients and communities that is fairer, greener and more sustainable. This is by providing them with the tools, support and knowledge they need no matter where they are on their journey.

It is all too easy for institutions to say the right things without delivering real actions. That is why we’ve embedded the principles of ESG in our business model, our processes and our UniCredit Unlocked strategy. It is always at the forefront of our minds; in everything we do.

The ‘Social’ of ESG, which in its essence is the needs and rights of our people, is our primary compass as a bank. With the economic social impact and the communities we serve is matched by the progress we’ve made to support the green transition in Europe.

The threat posed by climate change is one we must be conscious of, but it also pushes businesses to change for the better. I’m proud of the significant progress we’ve made against the strategic ESG business targets we’ve set, and the steps we’ve taken to achieve Net Zero on own emissions by 2030.

When it comes to ESG, we hold ourselves to the highest standards.
Otherwise, we cannot expect clients to join us in shaping a greener, better world. As we work to be the bank of Europe’s future, leading by example has been our priority.

We have set ambitious targets for ourselves and even raised the bar higher for ourselves in order to finance a better future for our clients and Europe as a whole. For instance, last year we reiterated our stance on thermal coal, with our pledge to stop financing its mining or burning entirely by 2028.

We all know that meaningful and lasting change cannot be achieved overnight, but I can promise you we as a bank are committed to supporting you on this journey.

After undergoing a significant transformation, it is clear our bank is different, but our commitment to ESG is unchanged.

Looking forward, we will continue to set a new benchmark for banking, deliver for all stakeholders and act as an engine of European growth.

Our fundamentals are strong, our team is determined and our ambitions have never been higher.
We have taken incredible steps so far, but this is just a benchmark to push for a more ambitious strategy going forward.

And I have no doubt we will do this and continue to deliver for our shareholders and Europe as a whole.

Yours,

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