Company detailsCode: UnicreditCompany name: UnicreditCompany country: ItalyNumber of employees: 147000Sector: K - Financial and insurance activitiesSector detail: K64 - Financial service activities, except insurance and pension fundingSub-sectors: K64.1.9 - Other monetary intermediation Reshoring detailsReshoring announcement date: 21/01/2016Starting implementation date: January, 2016End of Implementation : December, 2016Reshored to: ItalyLocation of affected unit(s): MilanoLocation code: ITC45Reshored business function: AdministrationPartial or Total reshoring: PartialReshoring governance mode: In house (in own facilities)Reasons for reshoring: Firm's global reorganizationProximity to customersCase 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 Sources link: http://ilpiccolo.gelocal.it/trieste/cronaca/2016/01/21/news/unicredit-av... http://www.finanza.com/Finanza/Notizie_Italia/Italia/notizia/Unicredit_t... http://diepresse.com/home/wirtschaft/economist/5064070/Bank-Austria_OstA... http://www.milanofinanza.it/news/fitch-bene-il-riassetto-unicredit-in-es... Offshoring detailsOffshoring location: Austria
