UniCredit is moving to the next phase of its Commerzbank transaction by seeking shareholder approval to convert derivative stakes into shares. This conversion allows the bank to acquire the stake without a cash outlay. An extraordinary shareholders' meeting is scheduled for September 21 to authorize the move.
Separately, UniCredit launched a long-term strategic partnership with Accenture and IBM to develop a next-generation European banking platform. The new technology model leverages cloud, data, and artificial intelligence to support growth across 13 European markets. The bank also released its consolidated first-half financial report.