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March 28, 2022

UniCredit to absorb Cordusio SIM to bolster footprint in Italy

UniCredit is set to incorporate Cordusio SIM into its group in a bid to bolster its wealth management and private banking division (UniCredit WM & PB) in Italy.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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Financial terms of the deal were not disclosed.

The merger is part of the Italian banking group’s strategy to drive additional value from operational, administrative and corporate synergies.

Cordusio SIM specialises in wealth management as well as offers asset management, investment services and financial advice among other services.

The addition of Cordusio’s business is expected to streamline and enhance decision-making as well as optimise HR management and fixed costs for the group.

In addition, it will enable UniCredit to eliminate corporate, accounting, tax and administrative duplications.

Following the transaction, the firm’s Italian WM & PB network will have 140,000 customers and more than €100bn in assets.

The deal will have no effect on the unit’s operational network, which consists of approximately 1,400 bankers, including 700 relationship managers located across 132 Italian cities.

Commenting on the deal, UniCredit head of Wealth Management and Private Banking Italy Stefano Vecchi said: “This deal bolsters our positioning as the Italian market leader for Wealth Management and Private Banking customers.

“It adds another facet to our growth plan, built around increasing our focus on high-value and advisory services delivered by our bankers through an integrated platform.

“The newly strengthened division will be able to combine our expertise in both segments, as further confirmation of the Group’s attention to its customers who seek personalised services incorporated into the overall unique offer of our pan-European commercial bank.”

Following the transaction, Cordusio’s customers, as well as its products and services will be transferred into UniCredit’s WM & PB Italy division under the Group Wealth Management segment.

Cordusio’ staff, activities and processes will be integrated or reallocated within UniCredit’s corresponding functions, the company said.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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