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UniCredit and Allianz take further steps to consolidate partnership

Allianz SE | Milan / Munich | Sep 30, 2022

  • UniCredit to purchase Allianz’s entire 11.72 percent stake in Zagrebačka banka dioničko društvo (“Zaba”)
  • Allianz to acquire 16.84 percent minority stake held by Zaba in Croatian insurance company Allianz Hrvatska dioničko društvo za osiguranje

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Press release

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ALLIANZ INVESTOR RELATIONS

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.

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with more than 122 million* private and corporate customers in more than 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 717 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 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 2022, over 159,000 employees achieved total revenues of 152.7 billion euros and an operating profit of 14.2 billion euros for the group***.
*Including non-consolidated entities with Allianz customers.
**As of March 31, 2023
***As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.

Press contacts

Holger Klotz
Allianz SE
+49 89 3800 90921
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Kirti Pandey
Allianz SE
+49 89 3800 16255
Send email

Cautionary note regarding forward-looking statements

As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

Further information

ALLIANZ INVESTOR RELATIONS

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