Prospectus - Notowania

The Private Banking business segment uses traditional channels typical of the
customer segment, or rather private bankers distributed mainly throughout the
dedicated branches of the UniCredit Group banks located throughout the territory.
The UniCredit Group operates within the sphere of Private Banking in Italy, via the
subsidiary UniCredit Private Banking, in Germany via the Wealth Management
Business Line of HVB and in Austria via the Private Business Line of BA (as from
October 2009, following the merger of Bank Privat AG and Asset Management
GmbH within BA) and via the subsidiary Shoellerbank Aktiengesellschaft, which is
present on certain European offshore financial markets (such as Switzerland,
Luxembourg and San Marino; with regard to the latter, Switzerland and Luxembourg
represent the International Business Line, while San Marino pertains to the Private
Banking Italy Business Line).
The financial assets managed and administered by the Private Banking business as at
September 30, 2009 came to just over €134 billion, of which a higher portion in Italy
and lower portions in Germany, Austria and the International Business Line. As at the
same date, the managed component amounted to around €35 billion, with an incidence
on total ordinary financial assets of around 33%.
The UniCredit Group range in the private banking sector capitalises on the ability to
offer an integrated approach to protect and increase the invested capital, maximising
the value of all the types of assets by means of recourse to a wide range of financial
products and services.
The constant attention paid to the greater satisfaction of customer needs also led to the
introduction of new products capable of combining the various preferences in terms of
risk and return of the investments and of enhancing the wealth advisory service. For
such purposes, the Private Banking business segment also provides placement services
for mutual funds of companies not belonging to the Group.
(d) Asset Management
The Asset Management business segment operates globally via PGAM, which
performs the role of sub-holding company for the afore-mentioned sector and
represents the legal and managerial presence in the sector of activities. This sector of
activities is responsible for the development of Asset Management as a centralized
product entity in all the geographic areas, directing, supporting and checking the
development of the business activities at regional level.
During the nine months ended as at September 30, 2009, Asset Management activities
represented 2.5% of the total operating income of the UniCredit Group.
The table below discloses the main income statement figures of the Group relating to
the Asset Management business segment with reference to the nine-months as at
September 30, 2009 and September 30, 2008 and the financial years ended as at
December 31, 2008, 2007 and 2006.
(millions of €) 09.30.2009 09.30.2008 12.31.2008 12.31.2007 12.31.2006
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