Focus
Our Approach
AUSTRIA, GERMANY AND ITALY
UniCredit occupies a strategic position in Italy, Italy in 2012. Finally, the third factor is the projected
Germany and Austria. With about 310 branches in re-acceleration in global trade which is likely to be
Austria, 860 in Germany and 4,300 in Italy, UniCredit a key driver of economic growth for all euro area
comprises one of the largest banking networks in the countries. It will also result in a moderate upward
heart of Europe. Accounting for more than one-third of trend in consumption, thanks to rising wages and a
the GDP of the European Union, these three countries solid labor market. In Austria, stronger trade and the
benefit from their close ties to the growing economies international competitiveness of its industrial sector
of Central and Eastern Europe. will likely foster an upswing in 2013, boosted by a
slight increase in investment.
While 2013 may prove to be another challenging
year for this region, sequential economic growth In the medium and long term, the OMT has helped to
is projected to accelerate gradually. The ECB’s create a more favorable environment for politicians to
announcement of the Outright Monetary Transactions implement structural reforms. These remain essential
(OMT) bond purchase program has significantly to achieving a sufficient degree of macroeconomic
diminished tail risks in the eurozone, and the outlook and fiscal convergence across the eurozone,
has improved in tandem with market sentiment while efforts continue to shape a credible
since August 2012. With the ECB providing an pan-European architecture. This process is vital to
effective and credible backstop, financial markets making the eurozone stronger and more competitive
are increasingly likely to reflect fundamentals. Italy’s moving forward. In Italy, the sustainability of the
economy is projected to modestly expand in the recovery will largely depend on the quick and effective
second half of 2013. The factors underpinning these implementation of reforms to restore long-term
expectations are namely the lesser drag from fiscal competitiveness and reduce public debt.
consolidation in 2013 compared to the 2012, the Taking into account the reforms that have already
gradual improvement in financial market conditions, been implemented in Italy, we expect real economic
which should soon start to positively affect sentiment growth to continue at an average annual
and, most importantly, financing conditions for the rate of roughly 1% in Italy and 1.8% in Austria
private sector, which posed particular challenges to and Germany from 2014 to 2017.
MARKET SHARE1 (%)
ITALY 13.0
GERMANY 2.6
AUSTRIA 14.6
1. Market share in terms of total Customer Loans as at December 31, 2012.
Source: Eurostat, UniCredit Research.
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4 2012 Sustainability Report · Accounts
2012 Consolidated Reports and UniCredit· UniCredit