Prospectus - Notowania

equity investments in Cassa di Risparmio di Fossano S.p.A. (23.08%), Cassa di
Risparmio di Saluzzo S.p.A. (31.02%), Cassa di Risparmio di Bra S.p.A. (31.02%)
and that in Banca Cassa di Risparmio di Savigliano S.p.A. (31.01%), and in
September 2006, the security services activities were disposed of, transferred to 2S
Banca.
(A)2. Growth in Central Eastern Europe
As from the second half of 1999 and at the same time as the increase of the territorial
presence in Italy, the Group pursued a policy of expansion in Central and Eastern
Europe.
In detail, during August 1999, UniCredit acquired a holding of 50.09% (subsequently
increased to 59.26%) in the share capital of Bank Pekao which, at that time, was the
second leading bank in Poland, and in July 2000 acquired an equity investment of
62.59% in the share capital of Splitska Banka, then the third leading Croatian bank in
terms of total assets. During the second half of 2000, UniCredit acquired 51.23% of
the share capital of Pol’nobanka A.S. (now UniBanka A.S.) then the sixth leading
bank in Slovakia in terms of total assets (increasing its equity investment subsequently
to 77.21%) along with 93% (an equity investment which today comes to around
92.10% due to a number of purchase and disposal transactions) of the share capital of
Bulbank A.D., then the leading Bulgarian bank in terms of total assets.
Furthermore, in November 2000, UniCredit acquired an equity investment of 9.96%
in the share capital of Zagrebačka, which at the time was the main Croatian bank in
terms of total assets. As at the Date of the Prospectus, the equity investment held
comes to 84.44% partly following the voluntary take-over bid and the residual takeover
bid made during 2002 together with Allianz ZB DOO. On conclusion of the
acquisition of control over Zagrebačka, due to reasons linked to anti-trust legislation,
the Group took steps to transfer its controlling interest in Zagrebačka to BA (at that
time not yet part of the Group).
During 2002, UniCredit continued with its territorial expansion project, acquiring an
equity investment of 82.5% (then increased in the same year to 99.84%) in the share
capital of Demirbank Romania S.A. (now UniCredit Romania) and an equity
investment of 81.88% in the share capital of Demir Romlease S.A., an associated
company of UniCredit Romania. Again during the second half of 2002, UniCredit also
launched its presence in Turkey via Koç Finansal Hitzmetler A.S. (“KFS”), a joint
venture with the Koç Group, a leading institution in financial services in this
geographic area. Via an equity investment of 99.9%, KFS controls KoçBank A.S., a
company which between 2005 and 2006 implemented an expansion policy via
acquisitions at local level.
In February 2003, UniCredit acquired an equity investment of 85.16% (today equating
to the entire share capital following the subsequent increases in the investment and a
squeeze-out at the start of 2006) in the share capital of Zivnostenska Banka a.s., one of
the leading commercial banks in the Czech Republic in terms of total assets.
- 92 -