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In 2006, we bundled units with product competence and customer groups within the Private Banking & Asset Management Division (PB&AM); these units had always cooperated closely: Capital Invest – now Pioneer Investments Austria –, AMG, BANKPRIVAT and Schoellerbank were combined through the creation of new divisions in mid-2006. This process also involved the transfer of private customers from the previous Private Customers Austria Business Segment to the PB&AM Division.
The newly defined PB&AM Division forms part of UniCredit Group’s divisional structure. As with all the other divisions within the bank, the reorganisation process is more than just a structural adjustment:
- First, the new private banking structure has created a separate customer segment comprising high net worth individuals, whom we can service with a sharper focus. We are now in a position to concentrate on the individual needs of customers more than before, and to align our products and pricing policy more flexibly and with greater precision to the specific requirements of our target group.
- Second, by using the advantages of enhanced specialisation combined with a Group-wide approach for asset management, we can become more competitive. This will be possible through Pioneer Investments, one of the world’s largest asset management companies with assets under management of almost € 280 bn. Regional and supra-regional expertise can be optimally used within this multi-polar, global network, both for production, where economies of scale and innovative capabilities play a decisive role, and for research and sales operations, which benefit from a global network.
The integration of this business segment within UniCredit’s PB&AM Division significantly improves our market position in Austria.