Restructuring provisions to improve operating efficiency

The adjustment of the divisional structure was carried out to better implement the needs-oriented business model of UniCredit Group. It also showed a further need for adjustment in the Austrian customer business, including back-office settlement functions, in order to close the profitability gap vis-à-vis UniCredit Group. For this purpose – and also for the planned closer integration of the Markets & Investment Banking (MIB) Division in the Group-wide network of investment banking operations – we made restructuring provisions, reflected in the item Integration costs, of € 231 m. They are to be seen as a oneoff effect, the efficiency enhancement expected to result from restructuring should have a positive effect on the income statement in coming years.