Unicredit ENG

UniCredit Bank S.A.

Consolidated and Separate

Financial Statements

for the financial year ended

31 December 2021

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

Independent auditor's report


		Group		Bank
In RON thousands	Note	31.12.2021	31.12.2020	31.12.2021	31.12.2020
Interest income		1,693,527	1,759,217	1,266,445	1,291,400
Interest expense		(317,278)	(450,551)	(192,576)	(302,569)
Net interest income	7	1,376,249	1,308,666	1,073,869	988,831
Fee and commission income		574,290	452,808	519,788	410,571
Fee and commission expense		(187,107)	(146,202)	(173,517)	(137,976)
Net fee and commission income	8	387,183	306,606	346,271	272,595
Net income from instruments at fair value through profit and loss	9	315,322	305,186	315,335	305,188
Net gain/(loss) from foreign exchange		14,577	81,240	(7,760)	68,079
Fair value adjustments in hedge accounting		(651)	(2,504)	(651)	(2,504)
Net gain/(loss) from derecognition of financial assets measured at amortized cost		1,286	11,606	851	4,999
Net gain/(loss) from derecognition of financial assets measured at FVTOCI		28,879	47,322	28,879	47,322
Dividend income	10	2,229	1,972	2,229	1,972
Other operating income		9,451	18,719	10,680	11,252
Operating income		2,134,525	2,078,813	1,769,703	1,697,734
Personnel expenses	11	(467,557)	(428,668)	(412,116)	(376,092)
Depreciation and impairment of tangible assets	12	(100,520)	(98,735)	(92,663)	(90,868)
Amortization and impairment of intangible assets	12	(58,813)	(51,970)	(53,946)	(47,482)
Other administrative costs	13	(343,527)	(303,855)	(316,629)	(279,729)
Other operating costs	14	(38,329)	(21,709)	(10,711)	(10,973)
Operating expenses		(1,008,746)	(904,937)	(886,065)	(805,144)
Net operating income		1,125,779	1,173,876	883,638	892,590
Net impairment losses on financial assets	15	(166,979)	(510,918)	(97,940)	(366,461)
Losses on modification of financial assets		(123)	(2,673)	(123)	(2,673)
Net impairment losses on non-financial assets		(11,449)	(5,527)	(11,449)	(5,527)
Net provision gains/ (losses)	16	5,912	19,910	(19,953)	27,343
Net gains/(loss) from other investment activities	17	(325)	-	78	-
Profit before tax		952,815	674,668	754,251	545,272
Income tax expense	18	(147,164)	(170,735)	(114,945)	(141,610)
Net profit for the year		805,651	503,933	639,306	403,662
Attributable to:
Equity holders of the parent company		779,531	492,974	-	-
Non-controlling interests		26,120	10,959	-	-
Net profit for the year		805,651	503,933	-	-


		Group		Bank
In RON thousands	Note	31.12.2021	31.12.2020	31.12.2021	31.12.2020
Other comprehensive income, net of tax
Items that will not be reclassified subsequently to profit or loss
Re-measurement of defined benefit liability		142	(1,134)	142	(1,134)
Revaluation of property, plant and equipment	29iii)	1,728	(87)	1,728	(87)
Movement in investment revaluation reserve for equity instruments at FVTOCI	29i)	430	144	430	144
Income tax relating to items that will not be reclassified subsequently to profit or loss		(419)	285	(419)	285
Total items that will not be reclassified subsequently to profit or loss		1,881	(792)	1,881	(792)
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)	(112,380)	151,437	(112,380)	151,437
Reclassification of (gains)/losses included in profit or loss	29i)	(28,879)	(47,322)	(28,879)	(47,322)
Net changes in cash flow hedging reserve:
Gains/(losses) arising during the period	29ii)	14,255	726	14,255	726
Reclassification of (gains)/losses included in profit or loss	29ii)	1,262	931	1,262	931
Income tax relating to items that may be reclassified subsequently to profit or loss		20,118	(16,923)	20,118	(16,923)
Total items that may be reclassified subsequently to profit or loss		(105,624)	88,849	(105,624)	88,849
Other comprehensive income for the year, net of tax		(103,743)	88,057	(103,743)	88,057
Total comprehensive income for the year		701,908	591,990	535,563	491,719
Attributable to:
Shareholders of parent - company		675,788	581,031	-	-
Non-controlling interests		26,120	10,959	-	-

The consolidated and separate financial statements were approved by the Management Board on February 22, 2022 and were signed on its behalf by:

Mr. Catalin Rasvan Radu Mr. Philipp Gamauf

Chief Executive Officer Chief Financial Officer


		Group		Bank
In RON thousands	Note	31.12.2021	31.12.2020 *Restated	31.12.2021	31.12.2020 *Restated
Assets:
Cash and cash equivalents	19	11,269,108	12,236,808	11,269,028	12,229,614
Financial assets at fair value through profit or loss	20	259,355	555,337	259,355	555,337
Derivatives assets designated as hedging instruments	31	12,249	-	12,249	-
Loans and advances to banks at amortized cost	21	493,611	212,130	493,611	212,130
Loans and advances to customers at amortized cost	22	29,395,410	25,229,315	27,427,573	22,286,540
Net lease receivables	23	3,722,302	3,515,814	-	-
Debt instruments at amortized cost	25	7,950,629	6,148,138	7,950,629	6,148,138
Other financial assets at amortized cost*	30	209,484	138,777	192,123	113,032
Financial assets at fair value through other comprehensive income	24	1,677,415	3,020,373	1,675,069	3,018,027
Investment in subsidiaries	26	-	-	143,116	143,116
Property, plant and equipment	27	194,583	215,505	186,624	205,101
Right of use assets	45	168,672	198,789	162,870	189,896
Intangible assets	28	300,752	245,934	284,598	231,976
Current tax assets		568	858	-	-
Deferred tax assets	29	142,887	119,797	59,683	41,246
Other assets*	30	115,834	130,965	58,971	71,605
Total assets		55,912,859	51,968,540	50,175,499	45,445,758
Liabilities:
Financial liabilities at fair value through profit or loss	20	32,129	73,017	32,129	73,017
Derivatives liabilities designated as hedging instruments	31	66,812	81,216	66,812	81,216
Deposits from banks	32	666,990	595,076	666,990	595,076
Loans from banks and other financial institutions at amortized cost	33	4,170,873	5,564,667	570,921	778,203
Deposits from customers	35	39,815,528	35,772,365	40,069,143	36,259,081
Debt securities issued	36	2,491,879	1,922,036	1,014,391	470,747
Other financial liabilities at amortized cost	39	500,899	518,044	434,967	453,359
Subordinated liabilities	37	944,183	929,593	835,325	822,466
Lease liabilities	45	168,791	196,836	164,895	192,717
Current tax liabilities		41,468	6,801	35,135	969
Provisions	38	220,124	223,576	216,201	193,874
Other non-financial liabilities	39	248,436	243,364	171,771	164,315
Total liabilities		49,368,112	46,126,591	44,278,680	40,085,040

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


		Group		Bank
In RON thousands	Note	31.12.2021	31.12.2020 *Restated	31.12.2021	31.12.2020 *Restated
Equity
Share capital	40	1,177,748	1,177,748	1,177,748	1,177,748
Share premium account	40	621,680	621,680	621,680	621,680
Cash flow hedging reserve		(33,407)	(46,441)	(33,407)	(46,441)
Reserve on financial assets at fair value through other comprehensive income		(10,389)	107,908	(10,389)	107,908
Revaluation reserve on property, plant and equipment		14,122	12,722	14,122	12,722
Other reserves	41	365,616	325,516	365,616	325,516
Retained earnings		4,262,398	3,521,959	3,761,449	3,161,585
Total equity for parent company		6,397,768	5,721,092	5,896,819	5,360,718
Non-controlling interest		146,979	120,857	-	-
Total equity		6,544,747	5,841,949	5,896,819	5,360,718
Total liabilities and equity		55,912,859	51,968,540	50,175,499	45,445,758

* 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 22, 2022 and were signed on its behalf by:

Mr. Catalin Rasvan Radu Mr. Philipp Gamauf

Chief Executive Officer Chief Financial Officer


31.12.2021		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 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
Comprehensive income for the year
Net profit for the year**	-	-	-	-	-	-	779,531	779,531	26,120	805,651
Other comprehensive income net of tax
Revaluation of property, plant and equipment, net of tax	-	-	-	1,400	-	-	-	1,400	-	1,400
Net change in fair value of financial assets through other comprehensive income, net of tax	-	(118,297)	-	-	-	-	-	(118,297)	-	(118,297)
Net change in cash flow hedging reserve, net of tax	-	-	13,034	-	-	-	-	13,034	-	13,034
Actuarial gains/(losses) on defined benefit liability/pension plans	-	-	-	-	120	-	-	120	-	120
Total other comprehensive income	-	(118,297)	13,034	1,400	120	-	-	(103,743)	-	(103,743)
Total comprehensive income for the year	-	(118,297)	13,034	1,400	120	-	779,531	675,788	26,120	701,908
Transfer to other reserves*	-	-	-	-	39,980	-	(39,980)	-	-	-
Dividends distributed*	-	-	-	-	-	-	-	-	(1)	(1)
Other movements	-	-	-	-	-	-	888	888	3	891
Balance at 31 December 2021	1,177,748	(10,389)	(33,407)	14,122	365,616	621,680	4,262,398	6,397,768	146,979	6,544,747

* According to the decision of the General Meeting of Shareholders of 14 April 2021, it was decided to allocate a part of the Bank's net profit for 2020 (403,662 RON thousands) to the reinvested profit reserve amounting to 39,980 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 363,682 RON thousands;

** Of the 2021 profit, the Bank will propose to Supervisory Board and General Shareholders' Meeting the distribution in 2022 to the reinvested profit reserve, of an amount of RON 32,452 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 22, 2022 and were signed on its behalf by:


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


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)
Acquisition of subsidiary consolidated using the pooling of interest method	-	-	-	-	-	-	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 proposed 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, and to reinvest of the net profit remained undistributed amounting to 363,682 RON thousands.

The consolidated and separate financial statements were approved by the Management Board on February 22, 2022 and were signed on its behalf by:


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


31.12.2021	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 2020	1,177,748	107,908	(46,441)	12,722	325,516	621,680	3,161,585	5,360,718
Comprehensive income for the year
Net profit for the year**	-	-	-	-	-	-	639,306	639,306
Other comprehensive income net of tax
Revaluation of property, plant and equipment, net of tax	-	-	-	1,400	-	-	-	1,400
Net change in fair value of financial assets through other comprehensive income, net of tax	-	(118,297)	-	-	-	-	-	(118,297)
Net change in cash flow hedging reserve, net of tax	-	-	13,034	-	-	-	-	13,034
Actuarial gains/(losses) on defined benefit liability/pension plans	-	-	-	-	120	-	-	120
Total other comprehensive income	-	(118,297)	13,034	1,400	120	-	-	(103,743)
Total comprehensive income for the year	-	(118,297)	13,034	1,400	120	-	639,306	535,563
Transfer to other reserves*	-	-	-	-	39,980	-	(39,980)	-
Other movements	-	-	-	-	-	-	538	538
Balance at 31 December 2021	1,177,748	(10,389)	(33,407)	14,122	365,616	621,680	3,761,449	5,896,819

* According to the decision of the General Meeting of Shareholders of 14 April 2021, it was decided to allocate a part of the Bank's net profit for 2020 (403,662 RON thousands) to the reinvested profit reserve amounting to 39,980 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 363,682 RON thousands;

** Of the 2021 profit, the Bank will propose to Supervisory Board and General Shareholders' Meeting the distribution in 2022 to the reinvested profit reserve, of an amount of RON 32,452 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 22, 2022 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 proposed 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, and to reinvest of the net profit remained undistributed amounting to 363,682 RON thousands.

The consolidated and separate financial statements were approved by the Management Board on February 22, 2022 and were signed on its behalf by:


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


		Group		Bank
In RON thousands	Note	31.12.2021	31.12.2020	31.12.2021	31.12.2020
Profit for the year before tax	18	952,815	674,668	754,251	545,272

Adjustments for non-cash items:
Depreciation and amortization of property, plant and equipment and of intangible assets	12	159,333	150,705	146,609	138,350
Net impairment losses on financial assets		271,479	589,416	203,562	422,702
Fair value gain/(loss) on derivatives and other financial assets held for trading		1,797	(10,990)	1,797	(10,990)
Other items for which the cash effects are investing or financing		101,433	109,922	17,775	15,082
Other non-cash items		237,731	(165,262)	237,635	(245,346)
Operating profit before changes in operating assets and liabilities		1,724,588	1,348,459	1,361,629	865,070

Change in operating assets:
Decrease in financial assets at fair value through profit and loss/other comprehensive income		1,425,862	5,349,788	1,425,862	5,349,788
Acquisition of debt instruments at amortized cost		(1,767,886)	(6,036,170)	(1,767,886)	(6,036,170)
(Increase)/Decrease in loans and advances to banks		(276,750)	357,915	(280,887)	358,329
(Increase)/Decrease in loans and advances to customers		(4,427,580)	318,117	(5,347,061)	(112,123)
Increase in lease investments		(246,588)	(270,099)	-	-
(Increase)/Decrease in other assets		(66,513)	43,459	(76,810)	(26,004)

Change in operating liabilities:
Increase/(Decrease) in deposits from banks		71,938	(1,071,026)	71,938	(1,071,026)
Increase in deposits from customers		3,678,686	1,764,033	3,445,611	1,482,935
(Decrease)/Increase in other liabilities		(905,442)	129,038	(25,085)	108,838
Income tax paid		(115,570)	(168,279)	(79,516)	(135,390)
Net cash (used in)/ from operating activities		(905,255)	1,765,235	(1,272,205)	784,247

Investing activities
Proceeds on disposal of property, plant and equipment		-	311	-	-
Acquisition of property, plant and equipment and intangible assets		(127,820)	(149,257)	(120,730)	(141,175)
Loss from sale of equity investments		(724)	-	-	-
Dividends received		2,301	2,462	2,301	2,462
Net cash used in investing activities		(126,243)	(146,484)	(118,429)	(138,713)


		Group		Bank
In RON thousands	Note	31.12.2021	31.12.2020	31.12.2021	31.12.2020
Financing activities
Dividends paid		(229)	(490)	(229)	(490)
Proceeds from bonds issued		544,401	-	544,401	-
Payments of bonds issued		(8,279)	(154,146)	-	(146,000)
Repayments of loans from financial institutions		(2,428,303)	(2,507,888)	(216,317)	(245,879)
Drawdowns from loans from financial institutions		1,855,938	1,522,235	-	217,775
Repayment of the lease liabilities	45	(64,523)	(57,442)	(62,429)	(57,000)
Net cash (used in)/from financing activities		(100,995)	(1,197,731)	265,426	(231,594)

Net (decrease)/increase in cash and cash equivalents		(1,132,493)	421,020	(1,125,208)	413,940
Cash and cash equivalents at 1 January - gross value		12,242,063	11,698,460	12,234,872	11,698,363
Effect of foreign exchange rate changes		160,936	122,583	160,761	122,569
Cash and cash equivalents at 31 December - gross value	19	11,270,506	12,242,063	11,270,425	12,234,872
Impairment allowance		(1,398)	(5,255)	(1,397)	(5,258)
Cash and cash equivalents at 31 December -net value	19	11,269,108	12,236,808	11,269,028	12,229,614


		Group		Bank
In RON thousands	Note	31.12.2021	31.12.2020	31.12.2021	31.12.2020
Cash flow from operating activities include:
Interest received		1,661,460	1,759,448	1,273,694	1,274,465
Interest paid		(306,797)	(451,235)	(200,734)	(314,748)

The consolidated and separate financial statements were approved by the Management Board on February 22, 2022 and were signed on its behalf by:

Mr. Catalin Rasvan Radu Mr. Philipp Gamauf

Chief Executive Officer Chief Financial Officer

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. ("UCFIN"), 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 2021 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"), 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 Leasing IFN S.A. beginning with October 2018, when the company was erased from the General Register of Financial Non-banking Institutions. Considering that Debo's portfolio contracts expired in May 2021, the company was liquidated during December 2021.
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 at 31 December 2021 the Group carried out its activity in Romania through its Head Office located in Bucharest and through its network, having 147 branches (31 December 2020: 148) in Bucharest and in the country.