UniCredit reviews 35m ad business

UniCredit Group, the pan-European financial services organisation, is reviewing its £35m advertising business.

The company is understood to be in talks with a number of agencies and networks in London and across Europe about handling the business, which will focus on its corporate advertising.

It is thought the account will consolidate advertising business across its European network.

UniCredit is one of Eur-ope’s largest banking and financial services organisations with 9,000 branches in 23 countries. Its international network operates in 50 countries worldwide.

The Milan-based bank does not have a significant UK presence. Its core areas of operation are Italy, Austria and southern Germany and it also has substantial operations in central and eastern Europe. UniCredit offers asset management, life insurance and leasing services.

It is the largest bank in Austria with an 18% share of the market, and second largest in Italy and Germany. The group also has large investment banking divisions in Munich and Frankfurt. Following a series of mergers UniCredit is now the second biggest European bank by market value, after HSBC.

Its acquisition of German HVB was one of the largest cross-border banking deals in Europe and fits into its expansion plans.

UniCredit was formed from the mergers of seven Italian banks, some of which had roots in Renaissance-era lenders.

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