MILAN (ITALPRESS) – UniCredit, having obtained approvals from all relevant authorities, announces that it has acquired the entire share capital of Aion Bank SA/NV and Vodeno Sp. z o.o. for a total consideration of €376 million. “The closing of this transaction – first announced on July 24, 2024 – is perfectly in line with the new phase of acceleration of the UniCredit Unlocked strategy, which enables UniCredit to impart greater speed to its organic growth by entering new markets, businesses and customer segments. It also demonstrates the discipline in M&A, which sees UniCredit focused on incremental value from investments that will enable the group to improve support for customers and communities across Europe,” a Vodeno note said.
“The deal marks an acceleration of the bank’s activity in digital banking, representing one of the first moves by a bank in acquiring full ownership of a new technology (without any dependence on third-party vendors); this provides a strong differentiation from pure technology vendors, new banks and traditional players undergoing digital transformation,” the note continues. Thanks to the combined capabilities of Aion Bank and Vodeno, UniCredit now has access to an innovative, scalable and flexible cloudbased platform based on API connectivity and with embedded smart contract technology, all of which can be integrated with the bank’s processes and procedures.”
“This is the foundation of a digital offering that combines the high-quality user experience of a new bank with the financial strength and regulatory oversight of a traditional operator. UniCredit,” the statement further emphasizes, “will also benefit from unique advantages through access to Vodeno’s technology and talent. This means high flexibility in developing new products and integrating external solutions, an extremely low service cost – far lower than that of traditional banks – and improved time-to-market in developing and testing new solutions to grow further in targeted customer segments and to enter new countries.”
“Initial plans are to re-enter the Polish market, expand into adjacent Western European countries, and offer Embedded Finance solutions,” among other things. In addition to leveraging Aion Bank’s banking license and well-established mobile-first offering for retail and SME customers, UniCredit will be able to expand Aion Bank and Vodeno’s existing Banking-as-a-Service (BaaS) offering in key European markets, including Germany and Poland. This will enable the bank to integrate its services-from account access and deposits to loans, payments, and loyalty programs-directly into non-banking digital platforms, facilitating a seamless customer experience,” UniCredit stresses.
The group plans to progressively invest up to €200 million, with a payback of less than two years, with the ambition to add 2.5 million customers, achieving a ROAC of more than 25 percent and an expense ratio of 34 percent within three years, all with a significant impact on the Group’s net income-as presented with the 2024 year-end results. “Our commitment to consistently deliver the best returns in the market and sustainable distributions over time is perfectly balanced with our commitment to investing in the future,” says Andrea Orcel, CEO of UniCredit. In this context, Aion Bank / Vodeno represents an investment both in improving our technological capacity – through the acquisition of a proven team that has developed one of the most modern and flexible banking systems around – and in our business, enabling us to grow significantly through entry into new markets, sectors and customer segments. This is a demonstration of the results made possible by our strategic plan and all the successes we can achieve in the future, starting with the great value already generated by this investment.”
– Photo Ipa Agency –
(ITALPRESS).
