UniCredit and Allianz take further steps to consolidate partnership

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UniCredit and Allianz are pleased to announce that they have signed a framework agreement and two share purchase agreements related to their respective footprints in the Republic of Croatia, with the intention to unwind their direct and indirect shareholdings in the country.

Subject to the fulfilment of the notification process to local regulators:

(i) UniCredit S.p.A will purchase from Allianz SE the latter’s entire 11.72 percent stake in Zagrebačka banka dioničko društvo (“Zaba”), a leading Croatian bank belonging to the UniCredit Group, and (ii) Allianz Holding EINS GmbH will acquire the 16.84 percent minority stake currently held by Zaba in the Croatian insurance company, Allianz Hrvatska dioničko društvo za osiguranje.

Currently UniCredit S.p.A is considering neither a delisting of Zaba, nor a squeeze-out of the minority shares, although it is not prevented from doing so from contractual and legal standpoints.

Within the context of its strong support to CEE banking operations and clients, UniCredit is reinforcing its position in the Croatian banking market, given its strong local commercial presence, as well as the country’s positive GDP forecasts and its upcoming Euro area membership.

Both UniCredit and Allianz remain committed to the attractive bancassurance market in Croatia.

These transactions enable the two parties to unlock additional value through the streamlining of their corporate interconnections in the Republic of Croatia. They build on the renewed agreements announced earlier this year in both Germany and Italy and represent a further demonstration of the strong partnership between UniCredit and the Allianz Group.

The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 746 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.8 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of March 31, 2024.

Press contacts

Holger Klotz
Allianz SE
Kirti Pandey
Allianz SE
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

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