Unicredit ENG - 2020 -ORG

UniCredit Bank S.A.

Consolidated and Separate

Financial Statements

for the financial year ended

31 December 2020

prepared in accordance with International Financial Reporting Standards as endorsed by European Union


		Group		Bank
In RON thousands	Note	31.12.2020	31.12.2019* Restated	31.12.2020	31.12.2019* Restated
Interest income		1,759,217	1,850,803	1,291,400	1,339,265
Interest expense		(450,551)	(526,573)	(302,569)	(378,152)
Net interest income	7	1,308,666	1,324,230	988,831	961,113
Fee and commission income		452,808	454,938	410,571	424,480
Fee and commission expense		(146,202)	(138,481)	(137,976)	(127,476)
Net fee and commission income	8	306,606	316,457	272,595	297,004
Net income from instruments at fair value through profit and loss	9	305,186	360,345	305,188	360,345
Net gain/(loss) from foreign exchange		81,240	96,215	68,079	83,747
Fair value adjustments in hedge accounting		(2,504)	1,831	(2,504)	1,831
Net gain/(loss) from derecognition of financial assets measured at amortised cost*		11,606	40,054	4,999	22,709
Net gain/(loss) from derecognition of financial assets measured at FVTOCI*		47,322	11,841	47,322	11,841
Dividend income	10	1,972	1,971	1,972	1,971
Other operating income		18,719	9,961	11,252	6,810
Operating income		2,078,813	2,162,905	1,697,734	1,747,371
Personnel expenses	11	(428,668)	(421,876)	(376,092)	(367,480)
Depreciation and impairment of tangible assets	12	(98,735)	(95,246)	(90,868)	(89,633)
Amortization and impairment of intangible assets	12	(51,970)	(57,049)	(47,482)	(50,484)
Other administrative costs	13	(303,855)	(377,120)	(279,729)	(344,931)
Other operating costs	14	(21,709)	(23,002)	(10,973)	(11,810)
Operating expenses		(904,937)	(974,293)	(805,144)	(864,338)
Net operating income		1,173,876	1,188,612	892,590	883,033
Net impairment losses on financial assets*	15	(510,918)	(387,019)	(366,461)	(190,853)
Losses on modification of financial assets*		(2,673)	(304)	(2,673)	(304)
Net impairment losses on non-financial assets		(5,527)	(396)	(5,527)	(396)
Net provision gains/ (losses)	16	19,910	(33,209)	27,343	(14,165)
Net gains/(loss) from other investment activities	17	-	1,249	-	-
Profit before tax		674,668	768,933	545,272	677,315
Income tax expense	18	(170,735)	(131,358)	(141,610)	(104,395)
Net profit for the year		503,933	637,575	403,662	572,920
Attributable to:
Equity holders of the parent company		492,974	643,482	-	-
Non-controlling interests		10,959	(5,907)	-	-
Net profit for the year		503,933	637,575	-	-

* The comparative information has been restated as described in note 3


		Group		Bank
In RON thousands		31.12.2020	31.12.2019* Restated	31.12.2020	31.12.2019* Restated
Other comprehensive income, net of tax
Items that will not be reclassified subsequently to profit or loss
Re-measurement of defined benefit liability		(1,134)	-	(1,134)	-
Revaluation of property, plant and equipment*	29iii)	(87)	3,475	(87)	3,475
Movement in investment revaluation reserve for equity instruments at FVTOCI*	29i)	144	(332)	144	(332)
Income tax relating to items that will not be reclassified subsequently to profit or loss*		285	(559)	285	(559)
Total items that will not be reclassified subsequently to profit or loss		(792)	2,584	(792)	2,584
Items that may be reclassified subsequently to profit or loss
Movement in reserve for debt instruments at FVTOCI:
Gains/(losses) arising during the period*	29i)	151,437	143,761	151,437	143,761
Reclassification of (gains)/losses included in profit or loss*	29i)	(47,322)	(11,841)	(47,322)	(11,841)
Net changes in cash flow hedging reserve:
Gains/(losses) arising during the period*	29ii)	726	(3,396)	726	(3,396)
Reclassification of (gains)/losses included in profit or loss*	29ii)	931	88	931	88
Income tax relating to items that may be reclassified subsequently to profit or loss*		(16,923)	(22,212)	(16,923)	(22,212)
Total items that may be reclassified subsequently to profit or loss		88,849	106,400	88,850	106,400
Other comprehensive income for the year, net of tax		88,057	108,984	88,058	108,984
Total comprehensive income for the year		591,990	746,559	491,720	681,904
Attributable to:
Shareholders of parent - company		581,031	752,466	-	-
Non-controlling interests		10,959	(5,907)	-	-

* The comparative information has been restated as described in note 3

The consolidated and separate financial statements were approved by the Management Board on February 23, 2021 and were signed on its behalf by:

Mr. Catalin Rasvan Radu Mr. Philipp Gamauf

Chief Executive Officer Chief Financial Officer

Consolidated and separate statement of financial position


		Group		Bank
In RON thousands	Note	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Assets:
Cash and cash equivalents	19	12,236,808	11,693,894	12,229,614	11,693,863
Financial assets at fair value through profit or loss	20	555,337	267,990	555,337	267,990
Loans and advances to banks at amortized cost	21	212,130	572,567	212,130	572,567
Loans and advances to customers at amortized cost	22	25,229,315	26,013,805	22,286,540	22,483,263
Net lease receivables	23	3,515,814	3,323,516	-	-
Debt instruments at amortized cost	25	6,148,138	-	6,148,138	-
Other financial assets at amortized cost	30	143,440	142,810	117,695	100,767
Financial assets at fair value through other comprehensive income	24	3,020,373	8,614,640	3,018,027	8,612,294
Investment in subsidiaries	26	-	-	143,116	143,116
Property, plant and equipment	27	215,505	200,368	205,101	188,613
Right of use assets	44	198,789	174,235	189,896	160,445
Intangible assets	28	245,934	196,284	231,976	186,516
Current tax assets		858	2,848	-	2,848
Deferred tax assets	29	119,797	132,466	41,246	60,809
Other assets	30	126,302	191,185	66,942	68,066
Total assets		51,968,540	51,526,608	45,445,758	44,541,157
Liabilities:
Financial liabilities at fair value through profit or loss	20	73,017	73,969	73,017	73,969
Derivatives liabilities designated as hedging instruments	31	81,216	114,852	81,216	114,852
Deposits from banks	32	595,076	1,666,287	595,076	1,666,287
Loans from banks and other financial institutions at amortized cost	33	5,564,667	6,483,236	778,203	795,267
Deposits from customers	34	35,772,365	33,938,950	36,259,081	34,706,764
Debt securities issued	35	1,922,036	2,044,046	470,747	621,823
Other financial liabilities at amortized cost	38	518,044	391,071	453,359	340,562
Subordinated liabilities	36	929,593	912,449	822,466	807,304
Lease liabilities	44	196,836	163,898	192,717	158,752
Current tax liabilities		6,801	2,699	969	-
Provisions	37	223,576	240,959	193,874	218,819
Other non-financial liabilities	38	243,364	251,401	164,315	167,708
Total liabilities		46,126,591	46,283,817	40,085,040	39,672,107


		Group		Bank
In RON thousands	Note	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Equity
Share capital	39	1,177,748	1,177,748	1,177,748	1,177,748
Share premium account	39	621,680	621,680	621,680	621,680
Cash flow hedging reserve		(46,441)	(47,833)	(46,441)	(47,833)
Reserve on financial assets at fair value through other comprehensive income		107,908	20,330	107,908	20,330
Revaluation reserve on property, plant and equipment		12,722	12,682	12,722	12,682
Other reserves	40	325,516	298,289	325,516	298,289
Retained earnings		3,521,959	3,050,001	3,161,585	2,786,154
Total equity for parent company		5,721,092	5,132,897	5,360,718	4,869,050
Non-controlling interest		120,857	109,894	-	-
Total equity		5,841,949	5,242,791	5,360,718	4,869,050
Total liabilities and equity		51,968,540	51,526,608	45,445,758	44,541,157

The consolidated and separate financial statements were approved by the Management Board on February 23, 2021 and were signed on its behalf by:

Mr. Catalin Rasvan Radu Mr. Philipp Gamauf

Chief Executive Officer Chief Financial Officer

Con


31.12.2020		Group
in RON thousands	Share capital	Reserve on financial assets at fair value through other comprehensive income	Cash flow hedging reserve	Revaluation of property, plant and equipment	Other reserves	Share premium	Retained earnings	Total	Non-Controlling Interest	Total
Balance at 31 December 2019	1,177,748	20,330	(47,833)	12,682	298,289	621,680	3,050,001	5,132,897	109,894	5,242,791
Comprehensive income for the year
Net profit for the year**	-	-	-	-	-	-	492,974	492,974	10,959	503,933
Other comprehensive income net of tax
Revaluation of property, plant and equipment, net of tax	-	-	-	40	-	-	-	40	-	40
Net change in fair value of financial assets through other comprehensive income, net of tax	-	87,578	-	-	-	-	-	87,578	-	87,578
Net change in cash flow hedging reserve, net of tax	-	-	1,392	-	-	-	-	1,392	-	1,392
Actuarial gains/(losses) on defined benefit liability/pension plans	-	-	-	-	(953)	-	-	(953)	-	(953)
Total other comprehensive income	-	87,578	1,392	40	(953)	-	-	88,057	-	88,057
Total comprehensive income for the year	-	87,578	1,392	40	(953)	-	492,974	581,031	10,959	591,990
Transfer to other reserves*	-	-	-	-	28,180	-	(28,180)	-	-	-
Other movements	-	-	-	-	-	-	(33)	(33)	4	(29)
Consolidation adjustments related to aquisition of subsidiaries	-	-	-	-	-	-	7,197	7,197	-	7,197
Balance at 31 December 2020	1,177,748	107,908	(46,441)	12,722	325,516	621,680	3,521,959	5,721,092	120,857	5,841,949

* According to the decision of the General Meeting of Shareholders of 8 April 2020, it was decided to allocate a part of the Bank's net profit for 2019 (572,920 RON thousands) to the reinvested profit reserve amounting to 28,180 RON thousands, exempt from the payment of the profit tax according to art. 22 of Law 227/2015, and to reinvest of the net profit remained undistributed amounting to 544,740 RON thousands;

** Of the 2020 profit, the Bank will propose to Supervisory Board and General Shareholders' Meeting the distribution in 2021 to the reinvested profit reserve, of an amount of RON 39,980 thousands, exempt from the payment of the profit tax according to art. 22 of Law 227/2015.

The consolidated and separate financial statements were approved by the Management Board on February 23, 2021 and were signed on its behalf by:


Mr. Catalin Rasvan Radu			Mr. Philipp Gamauf
Chief Executive Officer			Chief Financial Officer


31.12.2019		Group
in RON thousands	Share capital	Reserve on financial assets at fair value through other comprehensive income	Cash flow hedging reserve	Revaluation of property, plant and equipment	Other reserves	Share premium	Retained earnings	Total	Non-Controlling Interest	Total
Balance at 31 December 2018	1,177,748	(88,570)	(45,054)	9,819	271,031	621,680	2,794,726	4,741,381	115,803	4,857,184
Effect of change in accounting policies
Comprehensive income for the year
Net profit for the year**	-	-	-	-	-	-	643,482	643,482	(5,907)	637,575
Other comprehensive income net of tax
Revaluation of property, plant and equipment, net of tax	-	-	-	2,863	-	-	-	2,863	-	2,863
Net change in fair value of financial assets through other comprehensive income, net of tax	-	108,900	-	-	-	-	-	108,900	-	108,900
Net change in cash flow hedging reserve, net of tax	-	-	(2,779)	-	-	-	-	(2,779)	-	(2,779)
Total other comprehensive income	-	108,900	(2,779)	2,863	-	-	-	108,984	-	108,984
Total comprehensive income for the year	-	108,900	(2,779)	2,863	-	-	643,482	752,466	(5,907)	746,559
Transfer to other reserves*	-	-	-	-	27,258	-	(27,258)	-	-	-
Dividends distributed*	-	-	-	-	-	-	(360,749)	(360,749)	-	(360,749)
Other movements	-	-	-	-	-	-	(202)	(202)	-	(202)
Balance at 31 December 2019	1,177,748	20,330	(47,833)	12,682	298,289	621,680	3,050,001	5,132,897	109,894	5,242,791

* According to the decision of the General Meeting of Shareholders of 8 April 2019, it was decided to allocate a part of the Bank's net profit for 2018 (550,799 RON thousands) in the form of dividends amounting to 360,749 RON thousands and to set up a reserve amounting to 27,258 RON thousands for reinvested profit;

** Of the 2019 profit, the Bank proposed to Supervisory Board and General Shareholders' Meeting the distribution in 2020 to the reinvested profit reserve, of an amount of RON 28,180 thousands, exempt from the payment of the profit tax according to art. 22 of Law 227/2015, and to reinvest of the net profit remained undistributed amounting to 544,740 RON thousands.

The consolidated and separate financial statements were approved by the Management Board on February 23, 2021 and were signed on its behalf by:


Mr. Catalin Rasvan Radu			Mr. Philipp Gamauf
Chief Executive Officer			Chief Financial Officer


31.12.2020	Bank
In RON thousands	Share capital	Reserve on financial assets at fair value through other comprehensive income	Cash flow hedging reserve	Revaluation of property, plant and equipment	Other reserves	Share premium	Retained earnings	Total
Balance at 31 December 2019	1,177,748	20,330	(47,833)	12,682	298,289	621,680	2,786,154	4,869,050
Comprehensive income for the year
Net profit for the year**	-	-	-	-	-	-	403,662	403,662
Other comprehensive income net of tax
Revaluation of property, plant and equipment, net of tax	-	-	-	40	-	-	-	40
Net change in fair value of financial assets through other comprehensive income, net of tax	-	87,578	-	-	-	-	-	87,578
Net change in cash flow hedging reserve, net of tax	-	-	1,392	-	-	-	-	1,392
Actuarial gains/(losses) on defined benefit liability/pension plans	-	-	-	-	(953)	-	-	(953)
Total other comprehensive income	-	87,578	1,392	40	(953)	-	-	88,057
Total comprehensive income for the year	-	87,578	1,392	40	(953)	-	403,662	491,719
Transfer to other reserves*	-	-	-	-	28,180	-	(28,180)	-
Other movements	-	-	-	-	-	-	(51)	(51)
Balance at 31 December 2020	1,177,748	107,908	(46,441)	12,722	325,516	621,680	3,161,585	5,360,718

* According to the decision of the General Meeting of Shareholders of 8 April 2020, it was decided to allocate a part of the Bank's net profit for 2019 (572,920 RON thousands) to the reinvested profit reserve amounting to 28,180 RON thousands, exempt from the payment of the profit tax according to art. 22 of Law 227/2015, and to reinvest of the net profit remained undistributed amounting to 544,740 RON thousands;

** Of the 2020 profit, the Bank will propose to Supervisory Board and General Shareholders' Meeting the distribution in 2021 to the reinvested profit reserve, of an amount of RON 39,980 thousands, exempt from the payment of the profit tax according to art. 22 of Law 227/2015.

The consolidated and separate financial statements were approved by the Management Board on February 23, 2021 and were signed on its behalf by: were signed on its behalf by:


Mr. Catalin Rasvan Radu			Mr. Philipp Gamauf
Chief Executive Officer			Chief Financial Officer


31.12.2019	Bank
In RON thousands	Share capital	Reserve on financial assets at fair value through other comprehensive income	Cash flow hedging reserve	Revaluation of property, plant and equipment	Other reserves	Share premium	Retained earnings	Total
Balance at 31 December 2018	1,177,748	(88,570)	(45,054)	9,819	271,031	621,680	2,601,756	4,548,411
Comprehensive income for the year
Net profit for the year**	-	-	-	-	-	-	572,920	572,920
Other comprehensive income net of tax
Revaluation of property, plant and equipment, net of tax	-	-	-	2,863	-	-	-	2,863
Net change in fair value of financial assets through other comprehensive income, net of tax	-	108,900	-	-	-	-	-	108,900
Net change in cash flow hedging reserve, net of tax	-	-	(2,779)	-	-	-	-	(2,779)
Total other comprehensive income	-	108,900	(2,779)	2,863	-	-	-	108,984
Total comprehensive income for the year	-	108,900	(2,779)	2,863	-	-	572,920	681,904
Transfer to other reserves*	-	-	-	-	27,258	-	(27,258)	-
Dividends distributed*	-	-	-	-	-	-	(360,749)	(360,749)
Other movements	-	-	-	-	-	-	(516)	(516)
Balance at 31 December 2019	1,177,748	20,330	(47,833)	12,682	298,289	621,680	2,786,154	4,869,050

* According to the decision of the General Meeting of Shareholders of 8 April 2019, it was decided to allocate a part of the Bank's net profit for 2018 (550,799 RON thousands) in the form of dividends amounting to 360,749 RON thousands and to set up a reserve amounting to 27,258 RON thousands;

** Of the 2019 profit, the Bank proposed to Supervisory Board and General Shareholders' Meeting the distribution in 2020 to the reinvested profit reserve, of an amount of RON 28,180 thousands, exempt from the payment of the profit tax according to art. 22 of Law 227/2015, and to reinvest of the net profit remained undistributed amounting to 544,740 RON thousands..

The consolidated and separate financial statements were approved by the Management Board on February 23, 2021 and were signed on its behalf by: were signed on its behalf by:


Mr. Catalin Rasvan Radu			Mr. Philipp Gamauf
Chief Executive Officer			Chief Financial Officer

Consolidated and separate statement of cash flows


		Group		Bank
In RON thousands	Note	31.12.2020	31.12.2019* Restated	31.12.2020	31.12.2019* Restated
Profit for the year before tax	18	674,668	768,933	545,272	677,315
Adjustments for non-cash items:
Depreciation and amortization of property, plant and equipment and of intangible assets	12	150,705	152,295	138,350	140,117
Net impairment losses on financial assets		589,416	462,203	422,702	271,109
Fair value loss/(gain) on derivatives and other financial assets held for trading		(10,990)	4,451	(10,990)	4,412
Other items for which the cash effects are investing or financing		109,922	(14,592)	15,082	(13,343)
Other non-cash items*		(165,262)	214,681	(245,346)	20,227
Operating profit before changes in operating assets and liabilities*		1,348,459	1,587,971	865,070	1,099,837
Change in operating assets:
Decrease/(Increase) in financial assets at fair value through profit and loss/other comprehensive income		5,349,788	(1,043,849)	5,349,788	(1,043,850)
Acquisition of debt instruments at amortized cost		(6,036,170)	-	(6,036,170)	-
Decrease in loans and advances to banks		357,915	1,322,993	358,329	1,322,993
Decrease/(Increase) in loans and advances to customers		318,117	(1,749,209)	(112,123)	(1,690,780)
Increase in lease investments		(270,099)	(424,994)	-	-
Decrease/(Increase) in other assets		43,459	37,821	(26,004)	36,117
Change in operating liabilities:
Decrease in deposits from banks		(1,071,026)	(2,090,967)	(1,071,026)	(2,090,967)
Increase in deposits from customers		1,764,033	4,190,791	1,482,935	4,610,789
Increase/(Decrease) in other liabilities		129,038	(99,835)	108,838	(27,040)
Income tax paid		(168,279)	(188,727)	(135,390)	(155,469)
Net cash from operating activities*		1,765,235	1,541,995	784,247	2,061,630
Investing activities
Proceeds on disposal of property, plant and equipment		311	1	-	1
Acquisition of property, plant and equipment and intangible assets		(149,257)	(141,045)	(141,175)	(133,563)
Proceeds from non-current assets and disposal groups classified as held for sale		-	6,000	-	-
Dividends received		2,462	2,211	2,462	2,211
Net cash used in investing activities		(146,484)	(132,833)	(138,713)	(131,351)

* The comparative information has been restated as described in note 3


		Group		Bank
In RON thousands	Note	31.12.2020	31.12.2019* Restated	31.12.2020	31.12.2019* Restated
Financing activities
Dividends paid		(490)	(357,421)	(490)	(357,421)
Payments of bonds issued		(154,146)	-	(146,000)	-
Proceeds from bonds issued		-	1,411,004	-	-
Repayments of loans from financial institutions		(2,507,888)	(4,034,241)	(245,879)	(298,108)
Drawdowns from loans from financial institutions		1,522,235	2,848,271	217,775	-
Repayment of the lease liabilities**	44	(57,442)	(56,788)	(57,000)	(54,776)
Net cash used in financing activities		(1,197,731)	(189,175)	(231,594)	(710,305)
Net increase in cash and cash equivalents*		421,020	1,219,987	413,940	1,219,974
Cash and cash equivalents at 1 January - gross value		11,698,460	10,285,157	11,698,363	10,285,073
Effect of foreign exchange rate changes*		122,583	193,316	122,569	193,316
Cash and cash equivalents at 31 December - gross value	19	12,242,063	11,698,460	12,234,872	11,698,363
Impairment allowance		(5,255)	(4,566)	(5,258)	(4,500)
Cash and cash equivalents at 31 December -net value	19	12,236,808	11,693,894	12,229,614	11,693,863

* The comparative information has been restated as described in note 3

**The "Repayment of the lease liabilities" caption includes for 31.12.2019 both principal in amount of 54,831 RON thousands for the Group/53,089 RON thousands for the Bank, and interest in amount of 1,957 RON thousands for the Group/1,687 RON thousands for the Bank.


		Group		Bank
In RON thousands	Note	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Cash flow from operating activities include:
Interest received		1,759,448	1,811,688	1,274,465	1,316,448
Interest paid		(451,235)	(543,190)	(314,748)	(402,071)

The consolidated and separate financial statements were approved by the Management Board on February 23, 2021 and were signed on its behalf by:


Mr. Catalin Rasvan Radu			Mr. Philipp Gamauf
Chief Executive Officer			Chief Financial Officer

otes to financial statements

REPORTING ENTITY

The UniCredit Group (the "Group") consists of UniCredit Bank S.A. (the "Bank") as mother company and its subsidiaries, UniCredit Consumer Financing IFN S.A. ("UCFIN"), UniCredit Leasing Corporation IFN S.A ("UCLC"), Debo Leasing S.R.L. ("DEBO") and UniCredit Insurance Broker S.R.L. ("UCIB"). These consolidated financial statements comprise the Bank and its subsidiaries.

UniCredit Bank S.A. (the "Bank"), having its current registered office at 1F, Expozitiei Boulevard, District 1, Bucharest, Romania was established as a Romanian commercial bank on 1 June 2007 upon the merger by acquisition of the former UniCredit Romania S.A. (the absorbed bank) by Banca Comerciala HVB Tiriac S.A. (the absorbing bank) and is licensed by the National Bank of Romania to conduct banking activities.

The Bank provides retail and commercial banking services in Romanian Lei ("RON") and foreign currency for private individuals and companies. These include: accounts opening, domestic and international payments, foreign exchange transactions, working capital finance, medium and long term credit facilities, retail loans, bank guarantees, letter of credits and documentary collections.

UniCredit Bank S.A. is directly controlled by UniCredit SpA (Italy), with registered office in Milano, Piazza Gae Aulenti, 3.

The Group is exercising direct and indirect control over the following subsidiaries:

UniCredit Consumer Financing IFN S.A., having its current registered office at 23-25 Ghetarilor Street, 1st and 3rd floor, District 1, Bucharest, Romania, provides consumer finance loans to individual clients. The Bank has a shareholding of 50.10% in UCFIN since January 2013.

UniCredit Leasing Corporation IFN ("UCLC"), having its headquarters in Ghetarilor Street no. 23-25, 1st, 2nd and 4th floors, Sector 1, Bucharest, Romania, provides financial leasing services to corporate clients and individuals. UCLC, the former associate, has become the Bank's subsidiary since April 2014 when the Bank gained indirect control of 99.95% (direct control: 99.90%). The Bank's indirect controlling interest as of 31 December 2020 is 99.98% (direct control: 99.96%) as a result of the merger by absorption of UniCredit Leasing Romania SA ("UCLRO") by UCLC finalized in June 2015, the date at which UCLRO was absorbed by UCLC.

Debo Leasing S.R.L. ("DEBO"), having its current registered office in 23-25 Ghetarilor Street, 2nd floor, 1st district, Bucharest, Romania, is a real estate finance lease entity and became a subsidiary of the Bank beginning with April 2014. The Bank has an indirect controlling interest of 99.97% through UCLC. Debo Leasing S.R.L. is the new name of Debo Lesing IFN S.A. beginning with October 2018, when the company was erased from the General Register of Financial Non-banking Institutions.
UniCredit Insurance Broker S.R.L. ("UCIB"), having its current registered office in 23-25 Ghetarilor Street, 2nd floor, 1st district, Bucharest, Romania, intermediates insurance policies related to leasing activities to legal entities and individuals, and became a subsidiary of the Bank beginning with 31 December 2020. The Bank has an indirect controlling interest of 99.98% through UCLC which owns 100% UCIB.

As of 31 December 2020 the Group carried out its activity in Romania through its Head Office located in Bucharest and through its network, having 148 branches (31 December 2019: 146) in Bucharest and in the country.