European commercial bank UniCredit has signed a 10-year agreement with Google Cloud to use its infrastructure, AI, and data analytics solutions to accelerate digital transformation across 13 markets, the company stated on Monday.
This collaboration marks a major investment by UniCredit in its cloud infrastructure. The deal involves migrating large sections of the bank's application landscape, including legacy systems across the group, to Google Cloud.
Under the Memorandum of Understanding (MoU), UniCredit's 13 banks will progressively transition to Google Cloud, providing them with a unified foundation, enhanced scale, and agility crucial for its ambitious growth plans and innovation. UniCredit said it is also depending on Google Cloud's technological flexibility to readily adapt and scale for future market expansions or acquisitions.
UniCredit will also use Google Cloud as its new platform for artificial intelligence (AI) workloads, utilising the latter's Vertex AI platform and Gemini models to develop and refine new service offerings, improve internal efficiencies, and create industry-leading customer experiences. Potential applications for UniCredit's AI workloads will cover investment banking insights, enhanced customer interactions, operational process optimisation, financial crime prevention, and the development of new AI-powered financial products.
The deal with Google Cloud also lays the groundwork for collaboration with other Google divisions, UniCredit said.
"AI is unlocking immense opportunities for business transformation and growth, offering significant economic advantages to organisations that proactively embrace its potential. We are proud to partner with UniCredit as it looks to modernise operations, bring new, innovative offerings to customers, ensure the most robust platform for growth and support its sustainable growth ambitions," said Ruth Porat, President and chief investment officer (CIO), Alphabet and Google.
In March, UniCredit received approval from European Central Bank to buy 29.9% of Commerzbank, possibly leading to a takeover.
This collaboration marks a major investment by UniCredit in its cloud infrastructure. The deal involves migrating large sections of the bank's application landscape, including legacy systems across the group, to Google Cloud.
Under the Memorandum of Understanding (MoU), UniCredit's 13 banks will progressively transition to Google Cloud, providing them with a unified foundation, enhanced scale, and agility crucial for its ambitious growth plans and innovation. UniCredit said it is also depending on Google Cloud's technological flexibility to readily adapt and scale for future market expansions or acquisitions.
UniCredit will also use Google Cloud as its new platform for artificial intelligence (AI) workloads, utilising the latter's Vertex AI platform and Gemini models to develop and refine new service offerings, improve internal efficiencies, and create industry-leading customer experiences. Potential applications for UniCredit's AI workloads will cover investment banking insights, enhanced customer interactions, operational process optimisation, financial crime prevention, and the development of new AI-powered financial products.
The deal with Google Cloud also lays the groundwork for collaboration with other Google divisions, UniCredit said.
"AI is unlocking immense opportunities for business transformation and growth, offering significant economic advantages to organisations that proactively embrace its potential. We are proud to partner with UniCredit as it looks to modernise operations, bring new, innovative offerings to customers, ensure the most robust platform for growth and support its sustainable growth ambitions," said Ruth Porat, President and chief investment officer (CIO), Alphabet and Google.
In March, UniCredit received approval from European Central Bank to buy 29.9% of Commerzbank, possibly leading to a takeover.
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