Unicredit

Type
Reshoring
Country
Italy
Reshoring from
Austria
Reshored business function
Administration
Region
Nord-Ovest; Lombardia; Milano
Location of affected unit(s)
Milano
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64.1 - Monetary intermediation
64.19 - Other monetary intermediation
No information on job gains number available
Announcement Date
21 January 2016
Employment effect (start)
1 January 2016
Foreseen end date
1 December 2016

Description

UniCredit Group is an Italian global banking and financial services company. During 2016 the company has been restructuring its presence in Europe. As part of this plan, the company has decided to backshore the CEE (Central East Europe) division from Vienna (Austria) to Milan (Italy). The division has the control of all Unicredit branches in East Europe. The plan considers that the CEE division should significantly grow during the next three years (by around 30%) both in terms of revenues and profits.

UPDATE June 2016 The backshoring currently suffers some delay.

UPDATE August 2016 The backshoring has been approved, but the Austrian banking authority has called on Italian bank Unicredit to transfer more money to its subsidiary Bank Austria to make up for the Eastern Europe. 

Sources

Citation

Eurofound (2016), Unicredit, Reshoring in Italy, factsheet number 179, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/179.