RESHORING CASE

Unicredit

Company details
Code: 
Unicredit
Company name: 
Unicredit
Company country: 
Italy
Number of employees: 
147000
Sector: 
K - Financial and insurance activities
Sector detail: 
K64 - Financial service activities, except insurance and pension funding
Sub-sectors: 
K64.1.9 - Other monetary intermediation
Reshoring details
Reshoring announcement date: 
21/01/2016
Starting implementation date: 
January, 2016
End of Implementation : 
December, 2016
Reshored to: 
Italy
Location of affected unit(s): 
Milano
Location code: 
ITC45
Reshored business function: 
Administration
Partial or Total reshoring: 
Partial
Reshoring governance mode: 
In house (in own facilities)
Reasons for reshoring: 
Firm's global reorganization
Proximity to customers
Case narrative: 

UniCredit Group is an Italian global banking and financial services company. During 2016 the company has been restructuring its presence in Europe. As part of this plan, the company has decided to backshore the CEE (Central East Europe) division from Vienna (Austria) to Milan (Italy). The division has the control of all Unicredit branches in East Europe. The plan considers that the CEE division should significantly grow during the next three years (by around 30%) both in terms of revenues and profits.
UPDATE June 2016, the backshoring currently suffers some delay.
UPDATE August 2016, The backshoring has been approved, but the Austrian banking authority has called on Italian bank Unicredit to transfer more money to its subsidiary Bank Austria to make up for the Eastern Europe. 

Sources: 

Il Piccolo, 21/01/2016

Finanza.com, 13/06/2016

Die Press, 05/08/2016

Offshoring details
Offshoring location: 
Austria