Prospectus - Notowania

• the conferral of the properties, converged within UniCredit due to the merger, to
UniCredit Real Estate.
The reorganization of the asset gathering activities was achieved during the second
half of 2008 by means of the absorption by FinecoBank, a bank specialized in the
trading on-line sector, of UniCredit Xelion Banca.
Within the sphere of asset management activities, PGAM consolidated its role by
proceeding with the concentration of the operating activities in the asset management
and investment services sector of its subsidiaries under its sub-holding activities. In
detail, during the first half of 2008, steps were taken to integrate by means of merger
via incorporation:
• Capitalia Asset Management SGR S.p.A. within Pioneer I.M. SGR, with effect as
from March 29, 2008;
• Capitalia Investimenti Alternativi SGR S.p.A. within Pioneer Alternative
Investment Management SGR S.p.A., with effect as from April 1, 2008;
• Capitalia Investment Management S.A. within Pioneer Asset Management S.A. -
Luxembourg, with effect as from April 1, 2008.
So as to maximize the economies of scale and guarantee the full integration of the
UniCredit Group and the group of companies headed up by Capitalia – also with the
aim of improving the cost structure at Group level – the real estate property, audit,
information technology and back office activities have been concentrated respectively
in the companies UniCredit Real Estate, UniCredit Audit, UGIS and UPA (now UBP)
subsequently transformed into Società Consortili per Azioni (joint stock consortium
companies).
Furthermore, within the sphere of the corporate business line, the leasing and factoring
activities of the former Capitalia Group were concentrated within the Group’s
specialized companies. In the non-performing loans management sector (“NPL”),
steps were taken to concentrate the NPL of the former Capitalia Group companies in
Aspra Finance S.p.A., a direct subsidiary of UniCredit, also destined to gradually
absorb the NPL of the other Group companies.
With reference to fiduciary activities, with the aim of consolidating Cordusio
Fiduciaria S.p.A.’s leading position on the market in this sector, the mergers via
incorporation of Romafides S.p.A. and European Trust S.p.A. were finalized, both
with effect as from July 1, 2008.
On a consistent basis with the Group’s organization plan, with effect as from
November 1, 2008, UniCredit transferred the business segment relating to the
activities of the Markets area of the former Capitalia Group to HVB – Milan Branch.
Additionally, in accordance with the commitments undertaken vis-à-vis AGCM as
part of integration with the Capitalia Group and as indicated in the provision No.
17283 dated September 18, 2007 authorizing the merger with the Capitalia Group, in
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