Concept
UniCredit Private Banking is UniCredit's private banking, embedded in country units: Italy (the Wealth Management & Private Banking Italy division since 2021), Germany (HypoVereinsbank) and Austria (Bank Austria plus subsidiary Schoellerbank). Type: a private bank of a universal group (BIT: UCG) without a single international booking centre — booking is predominantly domestic. The group has been led by Andrea Orcel since 2021.
History and evolution
The group was assembled in 1998; HVB (with Bank Austria) joined in 2005 and Capitalia in 2007. Cordusio was created in 2015 for clients above €5m (merged into the bank in 2022); in 2021 the Italian WM&PB division was carved out. The 2024–2026 group backdrop is a major M&A wave: the Banco BPM bid was withdrawn on 22 July 2025 after golden-power conditions; a Commerzbank stake was built (the ECB cleared up to 29.9%), and on 5 May 2026 a share-exchange offer launched — by July 2026, 17.6% had been tendered, and Orcel targets operational control from Q4 2026; in Romania the Alpha Bank merger completed in August 2025.
The Italian unit holds ~€160bn of total assets with ~840 private bankers; group client financial assets reached €871.5bn at end-2025.
Regulation
- ECB (SSM), Banca d'Italia, Consob — UniCredit S.p.A. and Cordusio Fiduciaria;
- ECB, BaFin, Bundesbank — UniCredit Bank AG (HypoVereinsbank), Munich;
- ECB, FMA, OeNB — UniCredit Bank Austria AG and Schoellerbank AG;
- national central banks across CEE (Czech Republic/Slovakia, Croatia, Bulgaria, Hungary, Romania, Serbia, Slovenia, Bosnia).
Source of funds and compliance
The EU and MiFID II standard applies with the source-of-funds file. No public enforcement specific to private banking was identified for 2024–2026; at group level BaFin in April 2026 ordered UniCredit to stop "unobjective advertising" in the Commerzbank takeover procedure — a corporate-deal episode, not client servicing.
Who it serves
- Italy: the industry benchmark for the Private segment is ~€1m (per AIPB); press reports access from €500k, with fortunes above €5m historically routed to Cordusio;
- Germany (HVB): officially — Private Banking from €1m, Wealth Management from €5m; a dedicated UHNWI unit above €30m (since 2024);
- Austria: Bank Austria lowered entry to €300k (per 2019 reporting); Schoellerbank targets larger fortunes without a published figure;
- CEE: domestic private banking across eight countries on the group investment platform;
- non-residents without ties to the home markets are outside the model: there is no offshore booking (the Luxembourg entity was merged away in 2018).
Services
Wealth management
- discretionary management and advanced advisory (My Advisory in Italy, 360° in Germany, UNIVERS EXKLUSIV in Austria);
- private-markets club deals for private/UHNW clients (the Quantico initiative, 2025).
Lending
- securities-backed lending and financing within private banking.
Wealth planning
- Cordusio Fiduciaria ("Best Fiduciary Services Italy 2025" per industry awards);
- foundations and succession in Austria (including guidance on the EU Succession Regulation); Schoellerbank's Wealth Planning.
Entities and booking centres
| Jurisdiction | Legal entity | Format and supervisor | Role for the client |
|---|---|---|---|
| Italy | UniCredit S.p.A. (WM&PB Italy division) + Cordusio Fiduciaria | ECB/Banca d'Italia/Consob | domestic market (~€160bn) |
| Germany | UniCredit Bank AG (HypoVereinsbank), Munich | ECB/BaFin | domestic private banking and wealth (from €1m / €5m) |
| Austria | UniCredit Bank Austria AG + Schoellerbank AG | ECB/FMA | domestic market; Schoellerbank is the competence centre with a foreign-client line |
| CEE (8 countries) | subsidiaries (Zagrebačka, Bulbank and others) | local central banks | domestic private banking |
Poland was exited in 2016–2017 (the Pekao sale); Luxembourg was folded into the German entity in 2018.
Strengths
- three strong home markets with honest German thresholds (€1m / €5m);
- Schoellerbank as the Austrian competence centre with a foreign-client line;
- the Cordusio fiduciary and private-markets club deals;
- potential scale effects from the Commerzbank transaction (in progress).
Where it does not fit
- non-residents without ties to Italy, Germany, Austria or the CEE — no offshore booking exists;
- those wanting a single international agreement: the model is country-based;
- fortunes below the home-market thresholds;
- clients sensitive to M&A uncertainty (Commerzbank is in progress, closing not before late 2026).
UniCredit Private Banking is the domestic trio Italy–Germany–Austria with the strong Austrian overbrand Schoellerbank; there is no international booking, and scale expansion runs through group-level deals.
Q/A
Entry and geography
What minimum capital does UniCredit Private Banking require?
In Germany officially: Private Banking from €1m, Wealth Management from €5m, the UHNWI unit above €30m. In Italy the industry benchmark is ~€1m (press reports access from €500k); in Austria entry was lowered to €300k (2019). Admission is individual.
Can I book an offshore account via UniCredit?
No: the Luxembourg entity was merged into UniCredit Bank AG back in 2018, and the group has no separate international booking centre. The exception is Schoellerbank in Vienna with its historic foreign-client line.
What does the deposit guarantee cover?
Italy — FITD €100,000; Germany — EdB €100,000 plus the voluntary BdB fund (a €3m cap for private individuals from 2025); Austria — ESA €100,000. Custody securities are segregated.
Group deals
UniCredit is buying Commerzbank — what changes for private banking?
As of October 2026: the share-exchange offer launched in May, 17.6% has been tendered, access to ~47.6% of voting rights awaits regulatory approvals, and the group targets operational control from Q4 2026. Private-banking clients see no direct changes before completion; potentially this strengthens the German perimeter.
Why was the Banco BPM bid withdrawn?
On 22 July 2025 UniCredit withdrew the offer (~€10.1bn) after the Italian government's golden-power conditions (a five-year loan/deposit freeze, a Russia exit, Anima commitments); acceptances came to just 0.52%. The matter is closed; focus shifted to Commerzbank and organic growth.