UniCredit completes Aion Bank and Vodeno takeover

"Through the combined capabilities of Aion Bank and Vodeno, UniCredit now has access to an innovative, scalable, and flexible cloud-based platform, based on API connectivity and with smart contract technology built in, all of which can be integrated with the processes and procedures of a fully-fledged bank," UniCredit wrote in the market filing.

"This is the foundation for a digital offering that combines the high-quality user experience of a neo-bank with the financial strength and regulatory oversight of a traditional player," it added.

According to UniCredit, access to Vodeno's technology means high flexibility in developing new products and integrate external solutions, an extremely low cost to serve - far below that of traditional banks, and improved time-to-market in developing and testing new solutions to further penetrate targeted clients' segments and to enter in new countries.

"Our initial pilots consist, among others, of re-entering the Polish market, expanding in adjacent Western European countries, and offering Embedded Finance solutions," the bank wrote.

"Beyond leveraging Aion Bank's ECB banking licence and established mobile-first offering for retail and SME clients, we can expand Aion Bank and Vodeno's existing Banking-as-a-Service (BaaS) offering across key European markets, including Germany and Poland," it added.

UniCredit plans to progressively invest up to EUR 200 mln, with payback of under two years.

"We have the ambition to add 2.5 million clients, achieving a ROAC above 25 percent and a cost income ratio of 34 percent within three years," the bank stated.

The acquisition will have a minimal negative impact on UniCredit's consolidated CET1 ratio of around 12 basis points.

In July 2024, UniCredit entered into a binding agreement to acquire Aion Bank and Vodeno for around EUR 370 million.

pel/ han/