UniCredit concludes the acquisition of Aion Bank and Vodeno

Through this move, UniCredit finalised the acquisition of Aion Bank and Vodeno for a total consideration equal to EUR 376 million. The group’s intention regarding these deals was first announced in July 2024, when UniCredit mentioned that closing this would mark a significant move in gaining full ownership of advanced technology, independent of third-party core banking providers.

Now, the closing of this deal falls in line with the new acceleration phase of the UniCredit Unlocked strategy, allowing the group to scale its organic growth and enter additional markets, businesses, and client segments. At the same time, the transaction highlights UniCredit’s M&A discipline, where it focuses on the value it can provide with investments that also improve its ability to assist clients and communities across Europe.

How will the deal assist UniCredit’s development strategy?

By acquiring Aion Bank and Vodeno, UniCredit aims to further solidify its activity in the digital banking sector. Combining the capabilities of Aion Bank and Vodeno is set to allow the group to gain access to a scalable and flexible cloud-based platform, based on API connectivity and with smart contract technology built in, which in turn can be integrated with the processes and procedures of a bank. This sets the foundation for a digital offering that merges the optimised user experience of a neobank with the financial capabilities and regulatory oversight of a traditional participant in the industry.

Furthermore, Vodeno is set to provide UniCredit with its technological features, in turn allowing the group to increase flexibility in developing new products and integrating external solutions. Among the first pilots, UniCredit intends to re-enter the Polish market, scale in adjacent Western European countries, and deliver Embedded Finance solutions. In addition to utilising Aion Bank’s ECB banking licence and its offering for retail and SME clients, the group intends to grow Aion Bank and Vodeno’s existing BaaS offering across European markets, including Germany and Poland. UniCredit also seeks to progressively invest up to EUR 200 million, with payback in under two years.