Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
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.
Eurofound (2016), Unicredit, Reshoring in Italy, factsheet number 179, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/179.
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