Italy’s UniCredit has entered into a significant 10-year agreement with Google Cloud to advance its digital transformation initiatives. This partnership will enable the bank to leverage Google Cloud’s artificial intelligence (AI) and data analytics capabilities to enhance its digital infrastructure and responsive service offerings across 13 nations.
The memorandum of understanding (MoU) signals a substantial commitment to upgrading UniCredit’s cloud architecture, with plans to migrate extensive portions of its application ecosystem—including legacy systems—to the Google Cloud platform.
UniCredit also aims to utilize Google Cloud for AI applications and to foster the development of innovative products powered by AI technology. The MoU further establishes a collaborative relationship with Google to explore additional services from its diverse portfolio, including Google Maps.
“This strategic alliance with Google Cloud is a critical component of our vision for the future of banking in Europe,” stated Andrea Orcel, CEO of UniCredit. Ali Khan, the group’s Chief Digital and Information Officer, emphasized that this partnership significantly enhances their technological capabilities in crucial areas like AI, data management, and virtualized infrastructure across key markets.
Ruth Porat, President and Chief Investment Officer of Alphabet and Google, noted, “AI is unlocking tremendous opportunities for business transformation and growth, offering significant economic benefits to organizations that proactively harness its potential.”
Recently, Google has secured several agreements with financial institutions keen on accelerating their digital evolution, including a notable multi-year contract with Citi in October 2024. Additionally, UniCredit announced plans earlier this year to bring several back-office operations in-house, which is expected to create 140 new positions within its HypoVereinsbank Germany subsidiary.