UniCredit Unlocked, our new Strategic Plan, aims to put UniCredit back in the top tier of European banks. Our ambition is to create a bank for Europe's future. We must unlock the potential within UniCredit in order to move from retrenchment to renewal, towards an era of purpose, growth and value creation. We want to win the right way, by placing the values of integrity, ownership and caring at the heart of our decisions, and we want to do so together, one united team acting as true partners to our different stakeholders.
At the heart of UniCredit Unlocked are five strategic imperatives and a new financial ambition.
UniCredit Unlocked is about creating a bank that is financially strong and successful to deliver sustainable performance and profitable growth over the cycle, enabling us to reach a RoTE of at least 10% in 2024 and a sustainable distribution totalling more than €16bn cumulative between 2021 and 2024.
absolute cost reduction, net of €0.6bn investment and €0.5bn of inflation
Organic capital of
per annum from increased profitability and a more capital-efficient model
incremental net revenues mostly driven by fees, including €0.2bn incremental from ESG
We believe 2024 is just the starting point. UniCredit Unlocked will pave the way for long-term financial success, our ultimate goal.
G. Started net profit (for 2021 Underlying net profit) adjusted for AT1, CASHES coupons and impacts from DTAs from tax loss carry forward sustainability test.
H. Proforma for share buyback.
I 15.03% stated.
Our Pan-European assets comprise more than 15 million clients and about 87,000 people. We need to ensure that we have the right structure in place to connect them to our 13 banks and 4 regions in a unified way across Europe. We are taking action to achieve this goal by:
UniCredit Unlocked is a plan that builds on our strong foundations and unlocks the potential of our Group, paving the way for the future of the bank and of all stakeholders. Our aim to build for tomorrow is based on two main actions:
In 2020 we embarked on a journey to further integrate all ESG factors in the bank's strategy, core business and processes, looking at both risks and market opportunities and with a clear multi-stakeholder approach.
It is our conviction that leading by example is the right thing to do: embedding ESG in all that we do and bearing the associated cost of it.
The last step of the journey consisted in the completion of a new ESG strategy, a key component of the new Group Strategic plan, launched and communicated to our stakeholders during our Strategy Day on 9 December 2021.
The new ESG Strategy represents a clear discontinuity in our journey aimed at embedding ESG factors at the heart of what we do. In line with this discontinuity, we have set
new targets that are not comparable with the previous ones, therefore the level of achievement of the previous targets is not reported in this chapter anymore.
The starting point
Mapping of all ESG practices across the Group with shared effort across countries and functions.
Benchmark of UniCredit vs c.20 peers
Identifying UC relative position vs peers and best practice.
Prioritisation of initiatives to cover gaps
With a multi faceted approach.
Definition of the ESG roadmap
20 key workstreams across the entire organisation.
Finalisation of the ESG strategy and tailoring of our ESG Roadmap
Embedding sustainability in all that we do is one of the five strategic imperatives of UniCredit Unlocked, built around four fundamentals:
The ESG Strategy was built around our principles and beliefs across the Environmental, Social and Governance dimensions, based on clear business goals and key strategic actions across four building blocks, ensuring deliverables through transparent enablers.
3. Refer to the Natural Capital chapter for more information.
CLICK ON THE ICON TO DOWNLOAD THE CONTENT
A. Including E, S products, advisory model, partnerships, innovation.
B. Also part of Climate Risk Roadmap.
Since last year, we have launched the Group ESG Roadmap as our operative tool to work on ESG priorities across the organisation and to ensure alignment on our
overall strategic direction. Following the release of the new ESG Strategy, we have adapted also the Group ESG Roadmap to embed 20 key workstreams reflecting the key strategic actions and underlining drivers presented above.
Workstreams are led by colleagues across all functions that act as ESG Reference points for the entire organisation.
The Group Investor Relations Team, with the support of the ESG Metrics, Policies and Disclosure Team, proactively and reactively interacts with the ESG rating agencies with the aim of communicating and monitoring the Group sustainability strategy and improving the positioning and disclosure of the Group.
The Group sustainability performance has been reflected in the improvement in several external ratings in 2021. Among the most relevant achievements are the improvements on Sustainalytics, S&P Global, Vigeo Eiris, FTSE4Good and the recent inclusion in Corporate Knights Global 100 Index, as first company in Italy.
To strengthen and manifest our commitment to the green transition, we have decided over the years to adhere to key international and institutional initiatives.