Dear Stakeholders,

2023 was a year defined by transformation. The culmination of a three-year commitment to UniCredit Unlocked that has seen our bank go from strength to strength. We are now a bank that is profitable and delivers consistent growth, but that is not the total measure of our success.

At UniCredit, true success is measured by the impact we are having across Europe, for the people, businesses, and communities we serve.

With our pan-European footprint and expertise, resources, and reach across 13 countries, we have been able to make a difference in a way other banks cannot.

This is a responsibility we have taken seriously at UniCredit. ESG is the lens that we have used to build and transform our bank and over the past year, it has guided our decision making.

Man walking on a corridor

In 2023 we have reached €82bn of ESG volumes and continued our commitment to net-zero by disclosing 2030 targets for three of the most carbon-intensive sectors within our portfolio (Oil&Gas, Power and Automotive) and the most recent addition of the Steel sector.

We were also the first Italian bank to sign up to the Finance for Biodiversity Pledge, calling for and committing to taking ambitious action on biodiversity to reverse nature loss in this decade, and joined the UNEP FI Principles for Responsible Banking Biodiversity community.

We have also stepped up for our 15 million clients who are integral to shaping a world that is fairer, greener, and more sustainable. We have provided clients with the tools, support, and knowledge they need to transition fairly and justly, particularly in high-emitting sectors.

We have not succeeded if we have neglected the social needs of our communities or left anyone behind in pursuit of Net Zero. Over the past year, high inflation and interest rates have posed a great challenge for individuals, families and businesses across Europe and they needed our support more than ever.

That is why we are championing the ‘S’ of ESG at UniCredit. In 2023 we introduced our new Social Strategy to embed the social component of ESG into our overall strategy and reached €8.7bn of social lending. We invested in new projects with potential for long-term success, focused on financial inclusion and education to support vulnerable and disadvantaged people, and empowered our clients to be more socially oriented.

Our transformation has not been solely about unlocking our bank’s potential, but the potential for others. I believe we have done this.

We all know that meaningful and lasting change cannot be achieved overnight, but ESG will always be a key part of our strategic plan and our business model.

After three years, we are in an even stronger position, with our scale, reach, and commercial momentum, to make a difference now and in the future.

2024 will be about continuing to embed ESG into our plans for growth and leveraging our strengthened position to push even further. To shape a better future for our people and for the planet.

To set a new benchmark and to truly be the bank for Europe’s future.

Andrea Orcel
Chief Executive Officer UniCredit S.p.A.