nuova milan formerly called unicredito italiano type societ per azioni traded as bit ucg fwb cri wse ucg industry financial services predecessor unicredito credito italiano capitalia founded 1998 ; 18 years ago 1998 headquarters porta nuova business district milan italy eur rome italy key people giuseppe vita chairman jean pierre mustier 1 ceo products corporate retail and private banking asset management securities trading brands unicredit banca banca di roma banco di sicilia revenue 22.513 billion 2014 2 operating income 13.838 billion 2014 2 profit 2.793 billion 2014 2 total assets 982.151 billion 2015 3 total equity 49.390 billion 2014 2 number of employees 147.000 2014 2 subsidiaries bank austria bank pekao finecobank hypovereinsbank zagreba ka banka website www.unicreditgroup.eu unicredit group is an italian global banking and financial services company . its network spanning 50 markets in 17 countries with more than 8 500 branches and over 147 000 employees . 4 its strategic position in western and eastern europe gives the group one of the region s highest market shares . the company is a component of the euro stoxx 50 stock market index . 5 contents 1 geography 2 history 3 ownership 4 subsidiaries 5 sponsorship 6 see also 7 references 8 external links geography edit the company has its registered office in rome and general management in milan . 6 unicredit s core markets are italy austria russia southern germany and bulgaria . the unicredit group has investment banking divisions in new york city london hong kong milan munich vienna budapest and warsaw . with the goal of fostering trade and investment between eastern and western europe unicredit has joined up with ost ausschuss der deutschen wirtschaft de and the federal state of berlin to host the east forum berlin . 7 unicredit head office in moor house in the city of london united kingdom . unicredit in vilnius lithuania history edit unicredit group was the outcome of the 1998 merger of several italian banks which the majority one were unicredito banks from turin verona and treviso and credito italiano consists of rolo banca banca popolare di rieti hence the name unicredito italiano . credito italiano issued about 38.46 % new shares to the owners of unicredito and renamed itself to unicredito italiano . 8 other banks such as banca dell umbria cassa di risparmio di carpi cassa di risparmio di trento e rovereto caritro cassa di risparmio di trieste also joined the group in 1998 2000 . a new subsidiary was also created in december 1999 which was named after the original credito italiano . in 1999 unicredito italiano as it was then known began its expansion in eastern europe with the acquisition of polish company bank pekao . on 30 june 2002 unicredit started its s3 project which merged 7 of their bank network rolo banca banca crt cariverona banca cassamarca cassa di risparmio di trento e rovereto and cassa di risparmio di trieste into credito italiano and credito italiano was renamed into unicredit banca . 9 unicredit private banking and unicredit banca d impresa was spin off from it in 2003 . in 2005 unicredit merged with the german group hvb which is itself formed in 1998 by the combination of two bavarian banks bayerische vereinsbank and bayerische hypotheken und wechsel bank . integration with the hvb group was reinforced by the merger with bank austria creditanstalt in the year 2000 and enabled further growth for the unicredit group . however this merger was only marginally profitable . additionally bank austria creditanstalt was a major shareholder in bank medici ag . bank medici was thema fund s investment manager . 10 in return for finding investors bank medici collected fees of 4.6 million euros from thema international fund in 2007 . 11 following the news that bank medici had invested us 2 billion with bernard madoff officials in vienna appointed a supervisor to run the private bank raising questions about control of the sprawling group . on 30 june 2005 banca dell umbria and cassa di risparmio di carpi were absorbed into the parent company . in 2006 the securities services business of unicredit 2s banca now soci t g n rale security services s.p.a. was sold to soci t g n rale for 579.3 million . 12 in 2006 minority interests in bra 31.021 % fossano 23.077 % saluzzo 31.019 % and savigliano 31.006 % was sold for about 149 million to banca popolare dell emilia romagna . 13 in 2007 in combination with the capitalia group the third largest italian banking group ; citation needed unicredit group consolidated and strengthened its position but added considerably to its overhead costs . the registered office of the bank was also relocated from genoa inherited from credito italiano to 17 via minghetti rome . in the same year two more acquisitions were carried out atf bank which ranks fifth out of domestic banks in kazakhstan with 154 branches and ukrsotsbank a universal bank . with these two banks the group extended its operations in this area to 19 countries including central asia . however in november 2012 kazakh government sources declared unicredit is in talks with kazakh investors over the sale of a controlling stake in atf bank . 14 in 2010 unicredit absorbed its subsidiaries unicredit banca banca di roma and banco di sicilia into the parent company . in 2013 unicredit finance informed that they would no longer provide banking services in latvia . 15 on march 14 2014 unicredit announced that it expects to cut around 8.500 jobs upcoming time together with the announcement of a 15 billion loss in the 4th quarter of 2013 due to extensive cash reserving for bad loans and writing down goodwill from acquisitions . 16 unicredit is one of the 6 european banks which is currently most exposed to potential problems in the emerging markets . 17 in april 2015 unicredit and banco santander reached an preliminary agreement to merge their asset management businesses in a transaction valuing the combined entity at about 5.4 billion euros 5.8 billion . the accord created a holding company called pioneer investments that is 50 percent owned by unicredit and 50 percent held by the u.s. buyout firms warburg pincus llc and general atlantic llc . the holding firm owns pioneer s u.s. business and controls combined operations of unicredit s pioneer excluding its u.s. activities and santander asset management . the two lenders hold each one third of the new combined business while warburg pincus and general atlantic owns the rest . 18 however the deal was terminated on 27 july 2016 . from june 2015 to april 2016 unicredit sold its bad debts that was doubtful to collect sofferenze to various investors namely pra group europe 625 million gross 19 a fund managed by cerberus capital management 100 million gross a us fund 150 million gross 20 anacap financial partners 420 million gross . 21 in october 2015 unicredit also sold unicredit credit management bank now dobank the subsidiary that specialized in managing non performing loans npls to fortress investment group and prelios s.p.a. . a portfolio of 2.4 billion in gross book value npls were included in the deal . 22 23 on a year to year basis net value of sofferenze had increased from 19.701 billion at 31 december 2014 to 19.924 billion at 31 december 2015 or from 52.143 billion to 51.089 billion in gross . 24 ownership edit shareholders owning more than 2 % september 2015 25 5.04 % aabar investments 4.65 % blackrock inc. 3.46 % fondazione cariverona 2.92 % central bank of libya 2.52 % fondazione cassa di risparmio di torino 2.00 % people s bank of china on 11 march 2011 unicredit said in a press release that they froze the voting rights of the libyan shareholders central bank of libya and lia . 26 subsidiaries edit unicredit bulbank headquarters in sofia bulgaria . banca di roma italy banco di sicilia italy bank austria austria bank pekao polonia finecobank italy hypovereinsbank germany pioneer investments unicredit banca italy unicredit bank czech republic and slovakia czech republic slovakia unicredit bank ireland plc ireland unicredit bank romania romania unicredit bank russia russia unicredit banka serbia unicredit banka slovenia slovenia unicredit bulbank bulgaria unicredit corporate & investment banking unicredit credit management bank unicredit international bank luxembourg sa luxembourg unicredit leasing unicredit private banking zagreba ka banka croatia sponsorship edit unicredit had sponsored tennis tournaments czech open vienna open by bank austria golf tournaments ladies german open and austrian open . unicredit is one of the uefa champions league s current main sponsor . 27 see also edit companies portal european financial services roundtable hypovereinsbank pioneer investments list of investors in bernard l. madoff securities references edit arnold martin jean pierre mustier set for return to familiar unicredit ground financial times july 1 2016 . retrieved 2016 09 13 . a b c d e 2014 consolidated reports and accounts unicreditgroup.eu july 2015 . top banks in the world . retrieved 5 may 2016 . corporate website . unicredit group . retrieved 25 february 2015 . b rse frankfurt frankfurt stock exchange stock market quotes charts and news . retrieved 5 may 2016 . general company information . unicredit group . retrieved 30 july 2010 . br ggmann mathias 19 april 2013 . wirtschaft f rdert den ost ruck . handelsblatt in german . p. 8 . kern der debatte ist die schaffung eines gemeinsamen europ ischen wirtschaftsraums von lissabon bis wladiwostok provvedimento n 24 credito italiano unicredito pdf in italian . banca d italia . 2 november 1998 . retrieved 3 march 2016 . rolo banca via libera alla fusione con unicredito italiano prevista nel piano di riorganizzazione del gruppo unicredito italiano in italian . rolo banca . 12 march 2002 . archived from the original on 20 august 2002 . retrieved 20 march 2016 . groendahl boris 12 march 2009 . austria s madoff hit bank medici seeks buyers . reuters . retrieved 9 february 2013 . schneeweiss zoe 31 december 2008 . bank medici manages up to 3.2 billion of assets tied to madoff . bloomberg . retrieved 9 february 2013 . unicredit closing of the 2s banca sale to socgen . unicredit . 4 october 2006 . retrieved 4 april 2016 . bilancio individuale 2006 pdf in italian . bper . 10 november 2007 . retrieved 16 february 2016 . unicredit in talks to sell stake in kazakhstan s atf bank . the gazette of central asia . satrapia . 18 november 2012 . unicredit stopped banking services in latvia baltic legal unicredit posts record loss plans 8 500 job cuts . bloomberg . bloomberg . 11 march 2014 . european banks have 3 trln of exposure to emerging markets . reuters . reuters . 3 february 2014 . santander unicredit agree to combine asset management units . bloomberg . 23 april 2015 . unicredit comunica di aver raggiunto un intesa per la cessione di un portafoglio di crediti in sofferenza derivanti da contratti di credito al consumo prestiti personali e scoperti di conto corrente unicredit announces to have reached an agreement on the sale of a non performing consumer overdrafts and personal loans credit portfolio . unicredit . 30 june 2015 . retrieved 16 april 2016 . unicredit annuncia di aver raggiunto un accordo per la cessione di due portafogli di crediti in sofferenza del segmento pmi unicredit announces it has reached an agreement on the sale of two italian sme non performing exposure portfolios . unicredit . 17 december 2015 . retrieved 16 april 2016 . unicredit comunica di aver raggiunto un intesa per la cessione di un portafoglio di crediti in sofferenza derivanti da contratti di credito al consumo prestiti personali e scoperti di conto corrente unicredit announces to have reached an agreement on the sale of a non performing consumer overdrafts and personal loans credit portfolio . unicredit . 13 april 2016 . retrieved 16 april 2016 . unicredit