UniCredit Unlocked is a unique strategy which delivers for the present while transforming our bank for the future.

UniCredit Unlocked is aimed at reuniting a network of 13 independent banks into a cohesive pan- European leading entity, leveraging local strengths and harnessing collective capabilities through the centralisation of products and technology.

Despite the continued macro challenges and economic and geopolitical uncertainty since day one of UniCredit Unlocked, we have demonstrated excellent progression and delivered remarkable results in industrial and financial transformation.

The overarching aims of the UniCredit Unlocked plan are to:

  • Our clients at the centre

    • Streamlined operations and enhanced tools for fast and leaner process
    • Decentralised and delegated decision making to client facing colleagues, within a clear strategy and framework
    • Integrated and diversified service channels at our clients' disposal, anytime and anywhere
    • Completed best-in-class products offer, leveraging internal product factories and ecosystem of our partners


    Our people valued and empowered

    • Enhancing empowerment and fostering accountability at all levels through our culture
    • Unifying the organisation around a common objective, vision and purpose
    • Investing in people, through training and hirings in front line, product specialist and tech
    • Building a meritocratic environment where performance is recognised and rewarded


    Our investors remunerated

    • A unique pan-european champion made of 13 leading banks, united in One group, leveraging Group solidity and synergies
    • Maintaining balanced focus on sustainable profitability, quality growth, operational and capital excellence and distributions
  • 1.

    Empowering and unifying through our culture



    Simplifying and delayering, a new way of working



    Rationalising and strengthening partnerships and procurement



    Investing in our people and growing franchise and product factories



    Modernising and enhancing Digital & Data

  • Net revenue

    Quality growth

    Quality instead of volumes maintaining low expected loss (securing low stable CoR) and capital consumption growing in a capital light way 


    Operational excellence

    Targeted instead of undifferentiated cost reduction – shrinking and optimizing the center while investing to secure the future 


    Capital excellence

    Thoughtful capital allocation and active portfolio management boosting returns on RWAs and capital

Our industrial transformation priorities


1. Empowering and unifying 

A common vision, a unifying culture, and a winning mentality: promoting ownership and empowerment

Our approach

Listening as a foundation
Extensive listening to our stakeholders equally to define a bottom up unifying culture
Living by three values
Set of simple yet powerful values embedded in all we do – Integrity, Ownership and Caring
Leading by example with concrete commitment
Living our Culture and ESG principles day by day through a number of initiatives, guided from the Group and proactively proposed by all the colleagues

Key achievements in 2023:

Culture Day ever, involving over 30k colleagues organised in all countries’ banks
MSCI improved ESG rating
to close gender pay gap and promote diversity and inclusion

2. Simplifying and delayering

A new way of working, creating a lean, fast and efficient organisation cultivating empowerment within a clear framework

Our approach

Leaner structure
Delayered organisation, tackling visible complexity and unnecessary bureaucracy affecting accountability, daily operations quality and speed, realising significant efficiencies
Decisions in the right place
Empowered people to propose and run the change, simplify tasks and improve automation, freeing up time to focus on value added business activities
Acting in a new way
Everyone embracing a new way of working empowered to take ownership and make decisions and supported by a clear risk and compliance framework

Key achievements in 2023:

Employees’ ideas collected turned into 200 simplification actions
Reduction in organisational structures
Simplification of processes based on E2E customer journeys

3. Rationalising and strengthening

Partnerships and procurement leveraging Group scale and bargaining power, to rationalise supplier contracts and build long-lasting Group relationships

Our approach

Mindset that encourages rationalisation of old legacy structures, and equity participations, and leverage Group scale and bargaining power to act in best interest of our clients and realise efficiencies
Global ecosystem
Building long-lasting Global partnerships and relationships with top industry players to further improve our clients’ journey, choice and to access our partners clients

Key achievements in 2023:

Rationalisation of insurance partnership (from 9 to 4)
Clients accessed through Alpha Bank partnership in Greece
New reinforced partnerships
Allianz, Mastercard, Alpha Bank, Azimut

4. Growing and investing

In our people on the front-line and our distribution channels, in our franchise and building our product factories, to deliver an unmatched and fully-fledged product offering

Our approach

People and franchise
Investing in our people on the front-line and in our distribution channels to deliver the best tailored offering to our clients and cascade client insights to our product factories
Product factories
Build up and invest in our factories to deliver an unmatched fully-fledged product offering and to capture capital light growth

Key achievements in 2023:

Training per employee per annum since 2021
In-house product factory launched with 21 onemarkets funds issued and almost 4bn already distributed at the end of 2023
3 market leading Product Factories: Individual Solutions, Corporate Solutions, Payment Solutions

5. Modernising and enhancing

Digital and data, taking back control of core competencies, streamlining and enhancing our digital organisation, and standardising and modernising our digital technology

Our approach

Take back control
Attracting, engaging, and developing talents through involvement in strategic projects, insourcing key competencies and dedicated learning and development
Streamlining and enhancing our digital organization and operating model, while reducing the sourcing model to curb spending
Standardise and modernise our infra technology, rationalising the geographical footprint while improving our service quality

Key achievements in 2023:

Digital workforce reskilled
Tech hirings since 2022
Lower external daily rates, through reduction of # vendors

Our financial levers

Our industrial transformation is steered by our financial results. Optimising the balance of our three financial levers: Costs, Net Revenues and Capital, underpins our UniCredit Unlocked strategy. The three levers operate to produce superior returns, deliver best in class organic capital generation and a solid balance sheet.

Our three financial lever working together

In the rest of this report, we explain how we have progressed against our UniCredit Unlocked plan across the following areas:

People & Culture

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Digital & Data

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