UniCredit has announced the successful completion of its acquisition of Aion Bank and Vodeno. Following the receipt of all necessary regulatory approvals, UniCredit has acquired full ownership of both companies for a total consideration of €376 million.
Originally disclosed on July 24, 2024, the transaction represents a significant milestone in the execution of the UniCredit Unlocked strategy, marking the beginning of a new acceleration phase aimed at driving organic growth. The acquisition enables UniCredit to enter new markets, expand its client base, and further enhance its digital banking capabilities.
This strategic move positions UniCredit as one of the first major banks to acquire full ownership of an advanced technology platform—free from third-party dependencies—setting it apart from neobanks, fintech providers, and incumbent banks undergoing digital transformation. Through the combined strengths of Aion Bank and Vodeno, UniCredit now has access to a scalable, flexible, and cloud-based core banking platform equipped with API connectivity and smart contract functionality. This allows seamless integration with existing banking operations and offers a user experience on par with leading digital challengers.
According to UniCredit, the acquisition of Vodeno’s proprietary technology and expert team delivers a significant competitive advantage. The new capabilities are expected to enhance product innovation, reduce cost-to-serve to levels far below traditional banking peers, and improve time-to-market for new offerings. Initial pilots will focus on re-entering the Polish market, expanding across Western Europe, and launching Embedded Finance solutions.
Additionally, UniCredit plans to leverage Aion Bank’s European Central Bank (ECB) license and established mobile-first retail and SME offering to extend Banking-as-a-Service (BaaS) capabilities across key European markets, including Germany and Poland. These services will include account access, deposits, lending, payments, and loyalty programs embedded directly into digital ecosystems, enabling frictionless customer experiences.
Over the next three years, UniCredit aims to invest up to €200 million in this digital expansion, targeting 2.5 million new clients. The initiative is expected to generate a Return on Allocated Capital (ROAC) exceeding 25% and achieve a cost-income ratio of 34%, delivering a meaningful uplift to Group net profit. A payback period of less than two years has been forecasted.
Andrea Orcel, CEO of UniCredit, commented:
“Our commitment to delivering sustainable, best-in-class returns is perfectly balanced with investments in our future. The acquisition of Aion Bank and Vodeno enhances our technological capabilities and supports our growth ambitions. This investment underscores the success of our strategic plan, and the immense value already unlocked, with much more to come.”
Post-transaction, UniCredit now owns a next-generation digital banking platform that includes:
- Enhanced in-house technology expertise through a dedicated team of technologists and developers
- An innovation and testing hub for rapid development and launch of new solutions
- A flexible platform for targeted client segment expansion and new market entries
- Strengthened embedded finance offerings for marketplaces, e-commerce, and fintech partnerships
- An advanced proposition for retail and SME clients, reinforcing UniCredit’s position in digital banking leadership
The acquisition is expected to have a minimal impact on UniCredit’s consolidated CET1 ratio, reducing it by approximately 12 basis points.
This transformative step solidifies UniCredit’s commitment to digital innovation, positioning the Group as a leader in the evolving financial services landscape.
