Minimal impact of 15 bps on CET1 at closing in Q4 (Il Sole 24 Ore Radiocor) - Milan, 24 Jul - Italian lender UniCredit said it has entered into a binding agreement for the acquisition of the entire share capital of Vodeno and Aion Bank for a combined purchase price of around 370 million euros, subject to customary price adjustments.

The acquisition will have a minimal impact on UniCredit's consolidated CET1 ratio of around 15 basis points at closing, which is expected in the fourth quarter of 2024, subject to regulatory approvals.

The companies combine an innovative, scalable, and flexible cloud-based platform with banking services based on Aion's ECB license to enable fully end-to-end Banking-as-a-Service (BaaS) for both financial and non-financial companies across Europe, it said.

Aion Bank/Vodeno are able to embed financial solutions, including accounts, deposits, lending and payment propositions, directly into the customer journeys of retailers, e-Commerce marketplaces, fintechs, financial technology providers and banks.

The transaction represents one of the first moves by a bank to acquire full ownership of a new technology without any dependencies from third party core banking providers.

It will allow UniCredit to own a next generation core banking technology, with a cloud-based, fully operational and scalable digital banking platform and a comprehensive range of products for high value segments. It also further enhances in-house technological expertise and gives its a separate innovation and testing hub, to innovate, develop, and test new solutions and functionalities.

AAA-Sch

(RADIOCOR) 24-07-24 10:29:57 (0310) 5 NNNN