UniCredit lands in Spain and Portugal with digital banking

The move is quiet and may remain a mere option on the table. But it is a fact that UniCredit has decided to enter the Iberian Peninsula. The group led by Andrea Orcel registered its digital bank Aion Bank/Vodeno - renamed UniCredit Nv - in Spain at the end of December, and in recent days obtained the go-ahead from the Banco de España, the last regulatory step before the eventual start of operations. The branch in Portugal is also active. Nothing is yet decided on the definitive perimeter of the initiative, nor on the commercial brand. But the licence is there. And it is an element that transforms a strategic hypothesis into an optionality from which to start as part of a broader growth strategy. UniCredit has already been present for over ten years in Madrid with a corporate branch, through which it serves large customers and also operates in Portugal. The possible landing with a digital 'arm', particularly in retail, would therefore represent a dimensional leap. An idea that, according to expectations, could see the light between the second and third quarter of the year, but much will depend on strategic evaluations. According to speculation, the offer could be that of a 'full service' bank in a digital key, with current accounts, deposit management, consumer loans, mortgages, debit cards, investment products and solutions for SMEs.

It all starts with the acquisition in 2024 of 100% of Aion Bank, a Belgian licensed digital bank supervised by the ECB, and Vodeno, a cloud-native technology platform specialising in Banking-as-a-Service (BaaS). In March 2025, on the occasion of the finalisation of the purchase - costing a total of around EUR 370 million -, the bank of Piazza Gae Aulenti had stressed that the first pilot projects for the development of the new digital platform 'concerned the re-entry into the Polish market, as well as expansion into Western European countries', in order to make the model scalable and replicable in various European markets. Last year, the group plans progressive investments on the platform of up to EUR 200 million, with an expected return in less than two years. The stated goal is to reach 2.5 million customers in three years, with a Roac of over 25% and a cost income ratio of around 34%.

In short, Vodeno proves to be a valuable asset for UniCredit's development. Orcel himself, on 11 February at the presentation of the 2025 accounts, explained that Vodeno represents a model 'for testing entry into new markets and segments, validating new functionalities and products before their extension', because it allows 'faster implementation times, with lower start-up and service costs. Once validated, solutions can be quickly extended group-wide'. It now remains to be seen whether and how the Iberian project will take shape and substance. Certainly UniCredit is taking its steps as part of the broader growth project launched with the 'UniCredit Unlocked' business plan, with which Orcel redesigned the group's profile and raised market expectations. After 20 quarters of consecutive growth, the banker revised the targets upwards, putting in his sights around 27.5 billion net revenue to 2028 (over 29 billion to 2030), 13 billion net profit and a RoTE of over 23%. Shareholders are expected to receive 30 billion in distributions in the next three years, 50 billion in the next five.