UniCredit Partners with Google Cloud for Massive 10-Year Digital Transformation Across 13 Markets

UniCredit partners with Google Cloud to accelerate digitisation across 13 markets

UniCredit has signed a 10-year MoU with Google Cloud to expedite its digital transformation across 13 European markets. This significant investment involves migrating core applications to Google Cloud, providing a unified foundation for growth. UniCredit will leverage Google's AI capabilities, including Vertex AI and Gemini models, to enhance customer experiences, optimise operations, and develop innovative financial products.European commercial bank UniCredit has signed a 10-year agreement with Google Cloud to use its infrastructure, AI, and data analytics solutions to accelerate digital transformation across 13 markets, the company stated on Monday. This collaboration marks a major investment by UniCredit in its cloud infrastructure. The deal involves migrating large sections of the bank's application landscape, including legacy systems across the group, to Google Cloud. Under the Memorandum of Understanding (MoU), UniCredit's 13 banks will progressively transition to Google Cloud, providing them with a unified foundation, enhanced scale, and agility crucial for its ambitious growth plans and innovation. UniCredit said it is also depending on Google Cloud's technological flexibility to readily adapt and scale for future market expansions or acquisitions. UniCredit will also use Google Cloud as its new platform for artificial intelligence (AI) workloads, utilising the latter's Vertex AI platform and Gemini models to develop and refine new service offerings, improve internal efficiencies, and create industry-leading customer experiences. Potential applications for UniCredit's AI workloads will cover investment banking insights, enhanced customer interactions, operational process optimisation, financial crime prevention, and the development of new AI-powered financial products. The deal with Google Cloud also lays the groundwork for collaboration with other Google divisions, UniCredit said. "AI is unlocking immense opportunities for business transformation and growth, offering significant economic advantages to organisations that proactively embrace its potential. We are proud to partner with UniCredit as it looks to modernise operations, bring new, innovative offerings to customers, ensure the most robust platform for growth and support its sustainable growth ambitions," said Ruth Porat, President and chief investment officer (CIO), Alphabet and Google. In March, UniCredit received approval from European Central Bank to buy 29.9% of Commerzbank, possibly leading to a takeover.

Unicredit turns to Google Cloud for transformation projects

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The memorandum of understanding (MoU) will see UniCredit use Google Could's AI and data analytics services to streamline its digital architecture and products and services across 13 markets. According to the bank, the deal is a "major investment" in its cloud infrastructure and honours its pledge to migrate large parts of its application landscape, including legacy systems, to Google Cloud's platform. Unicredit also plans to use Google Cloud for its AI workload and developing new products using AI technology. The MoU also establishes a business partnership with Google to explore services from other Google divisions, such as Google Maps. "This strategic partnership with Google Cloud is a pivotal step in our strategy to be the bank for Europe's future," said Andrea Orcel, CEO Unicredit. "Partnership with Google Cloud represents a bold move for UniCredit - massively advancing our technology footprint in critical areas such as AI, data and virtualised infrastructure across 13 core markets," added Ali Khan, group digital & information officer, UniCredit. "AI is unlocking immense opportunities for business transformation and growth, offering significant economic advantages to organizations that proactively embrace its potential," said Ruth Porat, president & chief investment officer, Alphabet and Google. Google has secured a number of deals in recent months with banks looking to ramp up their digital transformation efforts, including a multi-year agreement struck with Citi in October 2024. Also, Unicredit announced in January this year that it plans to internalise a number of back-office processes that had been previously outsourced to third parties - a move that would initially provide 140 new jobs for its Hypoveriensbank Germany subsidiary.

UniCredit Partners with Google Cloud to Accelerate Digital Transformation Across 13 Markets

Enter your email to get Benzinga's ultimate morning update: The PreMarket Activity Newsletter Agreement will help UniCredit transform its Group-wide operations for a new era of banking at scale, gradually migrating key applications to the cloud Collaboration between UniCredit and Google will focus on technology modernization, AI acceleration, and fostering new business opportunities MILAN, May 12, 2025 /PRNewswire/ -- UniCredit, the pan-European commercial bank, and Google Cloud today announced the signing of a Memorandum of Understanding (MoU) outlining a 10-year agreement to accelerate UniCredit's digital transformation. This collaboration will see UniCredit draw on Google Cloud's best-in-class infrastructure, AI, and data analytics solutions to streamline its digital architecture and enhance its products and services across the bank's 13 core markets. For UniCredit, this partnership represents a major investment in its cloud infrastructure - delivering on one of the key pillars of the bank's digital strategy, which involves migrating large sections of the bank's application landscape, including legacy systems across the group, to Google Cloud's scalable and secure platform. This agreement will see UniCredit's 13 banks progressively transition to Google Cloud, providing them with a unified foundation, enhanced scale, and agility crucial for its ambitious growth plans and innovation. This is further supported by Google Cloud's inherent technological flexibility, which allows UniCredit to readily adapt and scale for future market expansions or acquisitions. In addition, UniCredit will use Google Cloud as its new platform for AI workloads, adopting the technology firm's advanced AI capabilities, including its Vertex AI platform and Gemini models. The bank plans to use these technologies to develop and refine new service offerings, improve internal efficiencies, and create industry-leading customer experiences, with potential applications spanning areas such as investment banking insights, enhanced customer interactions, operational process optimization, financial crime prevention, and the development of new AI-powered financial products. Beyond the core cloud component, the MoU establishes a comprehensive and strategic business partnership with Google Cloud, a collaboration that also lays the groundwork for UniCredit to explore services from other Google divisions. This could involve exploring offerings like Google Maps Platform, to further enrich customer interactions and optimize operational processes, marking a major milestone in UniCredit's digital transformation. "This strategic partnership with Google Cloud is a pivotal step in our strategy to be the bank for Europe's future," said Andrea Orcel, CEO Unicredit. "In line with our single-partner approach for strategic collaborations, we have sought out the best and now we are all in with them in the pursuit of excellence. Google Cloud's cutting-edge cloud, AI and data analytics capabilities, will empower our ongoing digital transformation - further enhancing our customer offerings, streamlining our operations, and fostering a new era of data-driven innovation." "Partnership with Google Cloud represents a bold move for UniCredit - massively advancing our technology footprint in critical areas such as AI, data and virtualized infrastructure across 13 core markets," said Ali Khan, Group Digital & Information Officer, UniCredit. What's more, it does so in a way that meets our cyber posture and resiliency needs. Google Cloud will further enhance the technological innovation we are bringing to core operations and last-mile customer solutions." "I am delighted to see this partnership, and all the opportunities it will bring to both UniCredit and Google," said Tara Brady, President EMEA, Google Cloud. "Google Cloud is at the forefront of bringing powerful and the most secure AI technologies to financial institutions across Europe, and with these capabilities UniCredit can speed innovation, create efficiencies and advance its digital transformation, enabling continued success within today's dynamic market." "AI is unlocking immense opportunities for business transformation and growth, offering significant economic advantages to organizations that proactively embrace its potential. We are proud to partner with UniCredit as it looks to modernize operations, bring new, innovative offerings to customers, ensure the most robust platform for growth and support its sustainable growth ambitions," said Ruth Porat, President & Chief Investment Officer, Alphabet and Google. UniCredit's growth strategy prioritizes investment in its people to shape the future. As part of this agreement, Google Cloud will help deliver comprehensive digital skills training in IT and business to UniCredit employees across its 13 European markets. This joint initiative aims to cultivate the digital knowledge, training, and mindsets necessary to fully embrace the era of cloud and AI-powered banking and unlock UniCredit's digital potential. About UniCredit UniCredit is a pan-European Commercial Bank with a unique service offering in Italy, Germany, Central and Eastern Europe. Our purpose is to empower communities to progress, delivering the best-in-class for all stakeholders, unlocking the potential of our clients and our people across Europe. We serve over 15 million customers worldwide. They are at the heart of what we do in all our markets. UniCredit is organized in four core regions and three product factories, Corporate, Individual and Group Payments Solutions. This allows us to be close to our clients and use the scale of the entire Group for developing and offering the best products across all our markets. Digitalization and our commitment to ESG principles are key enablers for our service. They help us deliver excellence to our stakeholders and creating a sustainable future for our clients, our communities and our people. About Google Cloud Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner. SOURCE Google Cloud Market News and Data brought to you by Benzinga APIs

UniCredit signs agreement with Google Cloud for digital transformation

(Alliance News) - UniCredit Spa announced on Monday that it has signed an agreement with Google Cloud, a division of Google part of the Alphabet Inc group, to accelerate digital transformation in 13 markets. Under the terms of the collaboration, UniCredit will leverage Google Cloud's infrastructure, AI, and data analytics solutions, enabling a gradual transition of the group's 13 banks to a unified foundation and utilizing the platform for AI workloads, including the Vertex AI platform and Gemini models. The agreement also establishes a strategic business partnership with the possibility of exploring other services from other Google divisions, such as the Google Maps Platform, as part of the banking group's digital innovation journey. Comments and questions to [email protected] Copyright 2025 Alliance News IS Italian Service Ltd. All rights reserved.