UNICREDITO ITALIANO GROUP

UNICREDITO’S ARCHITECTURE FOR THE NEW

ECONOMY AND 1999 GROUP RESULTS
 Agenda

UniCredito Italiano’s Architecture for the New

Economy

Multi-channel Banking: enhancing the existing

platform

Xelion: on-line personal financial services

B2B and B2C Initiatives: “web-leveraging” our

core competence

1999 Group Results

Conclusions
2 NewEconomy - 01/04/00 - IR
 Agenda

UniCredito Italiano’s Architecture for the New

Economy

Multi-channel Banking: enhancing the existing

platform

Xelion: on-line personal financial services

B2B and B2C Initiatives: “web-leveraging” our

core competence

1999 Group Results

Conclusions
3 NewEconomy - 01/04/00 - IR
 OUR LONG-STANDING COMMITMENT TO
DELIVERING SHAREHOLDER VALUE
CREATION...

0.258
TRACK RECORD
OF DELIVERING
0% AND OUTPERFORMING
1 0 0.197 TARGETS

R :+
G
CA 21.1%

EPS 0.100
(Euro) 15.4%

0.058
0.043 ROE
8.2%
0.008
3.4% 4.7%
1.4%

‘94 ‘95 ‘96 ‘97 ‘98 ‘99

4 NewEconomy - 01/04/00 - IR
 … DRIVES OUR STRATEGIC THINKING IN
THE FAST-CHANGING INTERNET BANKING
SCENARIO

... FITS WELL WITH THE

OUR 3 POINT STRATEGY ...
INTERNET WORLD

GROWTH OF INTERNET IS A
GREAT
DOMESTIC OPPORTUNITY TO
MARKET DEVELOP OUR
SHARE 12% MARKET
SHARE

GAIN KEY
NEW POSITIONS IN NEW CONTINUE
EUROPE AND X-BORDER EUROPE AHEAD PURSUING
CONVERGING PARTNERSHIPS OF TAKE-OFF OF ADDED VALUE
INTERNET PARTNERSHIPS
MARKETS
REVOLUTION

Today we outline our Architecture for the New

5 Economy NewEconomy - 01/04/00 - IR
 INTERNET AND THE NEW ECONOMY:
SOME CHALLENGES AND LOTS OF
OPPORTUNITIES

Internet More power to customers -

Users
in Italy (millions) Threat from new attackers -

25
Cross selling to existing +
customers
8
+
Unprecedented
opportunities to expand our +
customer base +
2000 2003

Source: IDC
6 NewEconomy - 01/04/00 - IR
 INTERNET AND THE NEW ECONOMY:
IMPACT ON OUR OPERATING RESULTS
OVER 3 - 5 YEARS
Impact on existing business
4 possible scenarios
PRICE COMPETITION
Low High
LOSS OF CUSTOMERS

False Price
Low alarm war

Cross-selling,
new customers
Price New and new
Resistance entrants initiatives are
High
win crucial

Operating Margins Cost Increased cross- New

income decrease on cutting selling to customers
today existing existing and new
clients/products customers initiatives

Note: foreseen impact

7 NewEconomy - 01/04/00 - IR
 UNICREDITO CAN BUILD ON SOLID
GROUND…

The virtual revolution is “The Priority” for UCI’s Board and Top
Management
Leadership in customer segmentation and Database Marketing
Integration of group bank IT platforms well underway
Recognised capability in attracting talent
Fully incentivised management team
® ®
A number of web initiatives already launched (TRADINGLAB /TLX ,
on-line trading, ...)
Excellent 1999 results confirm a leading track record

8 NewEconomy - 01/04/00 - IR
 … WITH CLEAR STRATEGIC PRIORITIES

Protect and develop Leverage core skills to

Attack further the
existing customer exploit web-related
affluent segment
base opportunities

Deepen segmentation Launch on-line

Several B2B and B2C
and multi-channel personal financial
initiatives and more in
distribution of services platform for
the pipeline
existing platform affluent segment

9 NewEconomy - 01/04/00 - IR
 A 3-PILLAR ARCHITECTURE

Xelion New web initiatives

Multi-channel Online personal
banking in Italy financial B2B B2C
services
• Full customer • TradingLab • Multi-
segmentation • Multi-brand
• E-Vertical channel
Supply Chain home
• Transformation of open platform • E-outsourcing mortgages
existing networks general
corporate
• Virtual
• Migration of • Affluent bank for
customers onto new customers services families
channels • More in the • More in the
pipeline
• Cross-selling financial • New Multi- pipeline
and non financial channel
products 2 strategic partnerships with
leading internet VC’s
• Reduction of costs
PROTECT EXISTING DEVELOP NEW EXPLOIT WEB
GROWTH GROWTH OPPORTUNITIES
5.3 MLN CURRENT
1.5 MILLION NEW CUSTOMERS WITHIN 3-5 YEARS
CUSTOMERS
10 NewEconomy - 01/04/00 - IR
 Agenda

UniCredito Italiano’s Architecture for the New

Economy

Multi-channel Banking: enhancing the existing

platform

Xelion: on-line personal financial services

B2B and B2C Initiatives: “web-leveraging” our

core competence

1999 Group Results

Conclusions
11 NewEconomy - 01/04/00 - IR
 THE BANKING PLATFORM RESULTING FROM THE
UNICREDITO MERGER PROVED TO BE HIGHLY
EFFECTIVE IN 1999...

Leading market share in the Key 1999 achievements

most affluent regions
Full segmentation of customer base of all
group banks
Identification and comprehensive training of:
–1,350 Affluent client managers
–230 Private bankers
–1,140 Small business account managers
Branches –800 Corporate account managers
mkt share
Strong growth in key areas
>10% AuM: +34%
5-10% Deposits: +4%
<5% Loans: +14%

5.3 millions of retail and private

Cost/Income Ratio: 52.8%
clients Integration of IT systems progressing smoothly
137,000 corporate clients
12 NewEconomy - 01/04/00 - IR
 ... AND IS ALREADY A TRULY MULTI-CHANNEL
ORGANISATION ENCOMPASSING BEYOND THE
TRADITIONAL NETWORK NEW HIGH POWER
PHYSICAL CHANNELS...

• 56,000 customers
• 108 branches throughout Italy
Private banking • 230 private bankers
• Euro 30 bln AuM

• 3rd network by number of consultants

Financial
• 1,670 financial consultants, grown by 20%
consultants
over the last 12 months

Locat, the leasing company of the group:

Leasing Network • Italian market leader (13% market share)
• 18 branches, 70 agencies and 400 brokers

13 NewEconomy - 01/04/00 - IR
 … AND ON-LINE CHANNELS

One “state-of-the-art” call centre serving the entire

group
• 113 workstations
• 273,000 customers
OUTBOUND
• calls in 1999: 540,000
Call centre • average redemption: 17%
INBOUND
• calls in 1999: 1.9 mln
• dedicated operators for small business
• securities trading: 227,000 trades in ‘99 (100,000 1Q2000),
counter-value: Euro 1.5 bln (Euro 0.6 bln. 1Q2000, 15% of
total volumes*)

Group banks are fully “Web-enabled”**

• 80,000 retail banking customers in March 2000 (+150%
Internet from Dec. ‘99)
banking • 16,000 on-line trading customers
• over 8,300 daily securities trades, generating 23% of total
group trading
* Credito Italiano only
14 ** CRT from October 2000 NewEconomy - 01/04/00 - IR
 OUR PLATFORM WILL SIGNIFICANTLY BENEFIT
FROM THE LEADING CRM* SYSTEM IN ITALIAN
BANKING...

CRM: a group integrated marketing database

Expected
Key Elements Organisation Achievements
• Identify and • A dedicated internal • Increased
select targets team redemption by
(existing and • Selected 10/12 times
potential clients) International • Reduced attrition
• Optimise cost per Partners (SAS, rate by 1% in the
contact Prime Response, first year
• Choose the most iXL) • First campaigns:
appropriate –INVESTOR
channel (April 2000)
–Personal Loans
(May 2000)

IN 2000 CRM WILL ALREADY BE APPLIED TO 50% OF

CUSTOMERS
* Customer Relationship Management
15 NewEconomy - 01/04/00 - IR
 … AND IS BOUND FOR FURTHER RADICAL
TRANSFORMATION

FULL DIVISIONALISATION EFFICIENCY AND COST CUTTING

The New Economy will drive an In addition, depending on the speed of virtual
accelerated evolution of the whole branch channel acceptance, the size and structure of
network in line with Credito Italiano’s the physical network will adapt
model 100
Total -15%
Credito Italiano Banking
CEO Operating
Costs
Private
Retail Corporate Today 3/5 years
Banking
Division Division
Division • Use of direct channels for low added value
operations
8 Regional 7 Regional
Offices Offices • Upgraded IT System and re-designed
processing
74 Branches/ • Re-designed distribution network
847 Branches 56 Branches
442 Corporate (geographic rationalisation and branch
account restructuring) and openings only of
managers specialised branches
• Leverage on existing cost-structure for
new initiatives
16
• Early retirements supported by age
NewEconomy - 01/04/00 - IR
 Agenda

UniCredito Italiano’s Architecture for the New

Economy

Multi-channel Banking: enhancing the existing

platform

Xelion: on-line personal financial services

B2B and B2C Initiatives: “web-leveraging” our

core competence

1999 Group Results

Conclusions
17 NewEconomy - 01/04/00 - IR
 Xelion: SECOND GENERATION ONLINE
PERSONAL FINANCIAL SERVICES - AN OPEN
PLATFORM
• A New entity
TARGET CLIENTS ORGANISATION • New brand under UCI umbrella

450,000 affluent
customers (9% market CUSTOMERS
• Affluent customers (26% of
share in Italy) by 2005 households)

• Wide range of Group and

Third Party products
• On-line trading
VALUE PROPOSITION • Mutual Funds
• Insurance/Pensions
PRODUCTS & • Banking products
• Personalised SERVICES • High added value services
financial advice • Financial Information
• Independence and • Funds rating
transparency (open • Asset allocation and
Kilovar
platform)
• Easy access and
usage • A multi-channel model
• Advanced operating through financial
consultants based in financial
Technology CHANNELS shops, Internet, mobile
phones, call centre, ATM
18 (Interactive TV in the future)
 Xelion: TARGET NEW CUSTOMERS

NOT AFRAID OF
Number of customers, CANNIBALISATION
Estimate 2005
(‘000)

5,200 50% Euro ~100 mln, total

~15% investments over a
2,600 ~20%
3 year period
450 90
360 On-line trading to be
launched in May
2000
Affluent Multi- Xelion’s* UCI group’s New
customers channel target cannibalised customer Other financial
in Italy affluent customers s
customer
services to be added
s in 2H2000

* Xelion’s target market share: ~15%

19
 Agenda

UniCredito Italiano’s Architecture for the New

Economy

Multi-channel Banking: enhancing the existing

platform

Xelion: on-line personal financial services

B2B and B2C Initiatives: “web-leveraging” our

core competence

1999 Group Results

Conclusions
20
 A PORTFOLIO OF B2B AND B2C INITIATIVES
TO “WEB-LEVERAGE” OUR CORE
COMPETENCE
• TRADINGLAB®/TLX®
• Supply Chain Vertical Marketplace
B2B • E-outsourcing of general corporate
services
• More in the pipeline
Xelion
• Multi-channel home mortgages
B2C • Virtual bank for families
• More in the pipeline
• Two key partnerships with leading Italian
Internet-focused internet venture capitalists: Net Partners,
Venture Capital Kiwi
• Web scouting
21
 TRADINGLAB® IS THE LEADING “B2B”
PROVIDER OF RETAIL PRODUCTS FOR
DIRECT INVESTORS...
• One-stop shopping wholesaler
VALUE for retailers
PROPOSITION • Exploiting the increasing Revenues from
sophistication of retail TRADINGLAB®
investors Quarterly Average, Euro
• Products sold to intermediaries mln %
3
(banks and stockbrokers), not + 44 58
directly to the retail customer G R:
PRODUCTS/ • High-margin products: CA
SERVICES • Covered warrants 29
OFFERED • Structured bonds
• Quality services to increase 7
loyalty of retail investors
• Kilovar (risk
measurement)
• TLX (after-hours trading) 4Q98 Average 1Q2000
• Pricing tools 1999
CUSTOMER
BASE • 90% of revenues through third
party banks and stockbrokers

22
 ...UNDERPINNED BY TWO INNOVATIVE INITIATIVES:
TLX®- THE FIRST ITALIAN ECN AND MY MONEY - AN
OUTSTANDING ON-LINE FINANCIAL MAGAZINE
Unique Italian
My Money: one of the ECN with after-
most complete Italian hours trading
financial websites

TradingLab: 700,000 Kilovar: user-friendly tool

page views per day for risk measurement of
23 complex products
 B2B: TWO MAIN INITIATIVES ARE ABOUT TO
BE LAUNCHED

SUPPLY CHAIN VERTICAL E-OUTSOURCING OF GENERAL

MARKET PLACES CORPORATE SERVICES

Connect a vast number of

Organise and connect companies to a marketplace for
specialised vertical the outsourcing of non-core
Value communities centred on a services, including
Proposition business leader to centralise administration, HR
procurement and logistics mgmt/training, temporary
recruitment and call centres.

• Investments (2001-2005) • Investments (2001-2005)

over Euro 200 mln ~Euro 160 mln
Economics*
• Revenues (2005) over Euro • Revenues (2005) over Euro
150 mln/year 180 mln/year
• Expected roll-out of project: • Expected roll-out of project:
April 2000 May 2000

24 * Relative to the entire initiative, in which UCI will take a share

 B2B: TWO MAIN INITIATIVES ARE ABOUT TO
BE LAUNCHED

SUPPLY CHAIN VERTICAL E-OUTSOURCING OF GENERAL

MARKET PLACES CORPORATE SERVICES

• Technology platform
• Technology platform providers
providers
Key • Industry leaders
• Large-scale buyers
partnerships
• System developers
• Non-core service suppliers

• Unique player able to involve up to 60,000 Italian SMEs in the

UCI’s role/ projects thanks to its 800 Corporate Account Managers and to
contribution ensure fast delivery and neutrality
• Solid expertise in payment systems and integration of financial
and operating cycles
• Strong ability to leverage different competence (platform
providers, industry leaders, systems developers)
25
 B2C INITIATIVES: MORTGAGE CO-BRANDING
WITH INDUSTRY LEADER

• is the leading network of real

Value Proposition A winning estate agents
—————————— partnershi – Absolute market leader with ~2,000
• Develop the p outlets in Italy
leading multi- – Already one of the top mortgage
channel “non- originators in Italy
branch based”
provider of
mortgage lending • Establishment of a separate entity,
to home How we majority owned by UCI
purchasers do it • UCI Group to acquire a stake in
• On-line pre-approval of mortgages
• Leverage core • Effective use of securitisation to manage
competence of two capital absorption
partners to develop
leading Italian
vertical portal
Targets • Over 100,000 new customers in the first 3-
dedicated to home
5 years
purchasers/owners

26
 WEB-CONVERGENCE FOR MEDIA AND
FINANCIAL SERVICES

FINANCIAL SERVICES
MEDIA PLAYER
PLAYER
• “Web-contents” • Massive virtual • Vast, loyal and deeply
traffic known customer base
• Traffic generation • Marketing • Financial services
capability revenues content
• Web & media- • Customer • Physical
tech know-how satisfaction network/distribution
• Client profiling
and marketing
revenue skills
Further need for partnership/co-operation
with telecom carriers, handset
developers, technology developers
27
 KATAWEB IS A LEADING AND VERY INNOVATIVE
PORTAL AND CONTENT PROVIDER IN ITALY

KataWeb is a leading Italian Actively

portal, content provider and free promoting loyal
ISP: communities
• over 4.5 million page views per
day (highest growth in Italy)
• over 1,000 journalists providing
content
• second largest player in the on-
line advertising market
• partner in Italy of CNN

Part of the media group Editoriale

l’Espresso:
• second largest newspaper
publisher (La Repubblica)
• largest portfolio of local
newspapers closely matching An innovative
UCI’s banks range of vortals Just launched
• 5 major magazines and Web TV/Web KataWap,
• 3 nation-wide commercial radio radio usage a wap-portal
28
 THE ALLIANCE WITH KATAWEB: LETTER
OF INTENT SIGNED ON APRIL, 3

MULTI-CHANNEL
NEW WEB-INITIATIVES
BANKING
CONTENTS: • KataWeb will take a stake in the
virtual bank for families launched
• Jointly owned co-branded national
by UCI and support it with
portal as preferred web-access for
contents, traffic generation,
UCI’s domestic clients
advertising and profiling
• Jointly owned co-branded “digital
• KataWeb will be a preferred
cities” for regional banks’ clients
media and content partner for
(e.g. Il Piccolo-CRTrieste, ...)
Xelion
IMPACT: • Other joint initiatives:
• Increase loyalty/satisfaction of UCI’s – financial content channel
customers
– co-marketing on off-line
• Non-financial revenues (e-
– wap portals
commerce, promotions,
banners, ...) on ~2 mln clients – B2B
expected to migrate/join over 5
– New Europe expansion
29 years
 BREAKDOWN OF WEB INVESTMENTS

(Euro mln)

MULTI-CHANNEL • IT investments 100 - 150

BANKING • Physical Network 75 - 100
(Incremental restructuring
50 - 75
investments)* • Co-marketing
Xelion ~ 100

NEW INITIATIVES • Virtual bank for families 75 - 100

• TradingLab ®
75 - 100
• Venture Capital 75 - 100
• B2B ~ 150
• Vertical portals ~ 50
• Other 100 - 125

Total 850 - 1,050

30 * In addition to the existing plan
 MANAGEMENT IS STRONGLY INCENTIVISED TO THE
CHALLENGING OBJECTIVES OF THE GROUP. STOCK
GRANTING TO ALL EMPLOYEES INTRODUCED TO
ENHANCE MOTIVATION*
STOCK OPTIONS FOR STOCK GRANTING TO
TOP MANAGEMENT ALL EMPLOYEES
• 50 million shares (1% of • 35,000 people involved
capital)
• assignment within two • maximum counter-value of
years: 2000 and 2001 Euro 2 th. per-capita
• 300 top managers involved

Objectives: Objectives:
• achieve a very ambitious • promote a sense of
plan for shareholder value belonging and further
creation alignment between
• increase strategic resources employee and shareholder
loyalty interests

31
31 *Plan to be approved by ESM of May, 2. 2000
NewEconomy - 01/04/00 - IR
 Agenda

UniCredito Italiano’s Architecture for the New

Economy

Multi-channel Banking: enhancing the existing

platform

Xelion: on-line personal financial services

B2B and B2C Initiatives: “web-leveraging” our

core competence

1999 Group Results

Conclusions
32 NewEconomy - 01/04/00 - IR
 EXCELLENT TREND IN OPERATING INCOME OUTPERFORMING
BUDGET TARGETS WITH SIGNIFICANT PROGRESS IN NET INCOME

1999 results compared excluding Pekao

TOTAL REVENUES: +6.3%
Interest Income: -3%
Net Commissions: +22.7%
OPERATING INCOME: +14%
Administrative Costs (incl. depreciation): +0.5%
COST/INCOME (incl. depreciation.): 52.8% (55.8% in Dec. ‘98)

1999 results compared including Pekao

NET INCOME : Euro 1,286 mln (Euro 950* mln in Dec.
‘98)
ROE: 21.5% (15.4% in Dec. ‘98*)
EARNING PER SHARE: Euro 0.26 (Euro 0.20 in Dec.
PROPOSED DIVIDEND: Euro 0.13 (Euro 0.06 in ‘98)
‘98*)
33 * Before extraordinary depreciation of goodwill for Rolo Banca 1473 NewEconomy - 01/04/00 - IR
 POSITIVE TREND OF CUSTOMER DEPOSITS MAINLY
DUE TO THE SIGNIFICANT RISE OF CURRENT
ACCOUNTS (+14.8% on Dec. 1998) AND STRONG
LOAN GROWTH

CUSTOMER DEPOSITS 1999 results compared excluding Pekao

Euro, mln (excl. repos)
+3.9% FURTHER RISE IN MARKET
SHARE: from 10.78% (Dec.
87,093
‘98) to 10.90% on lire deposits
83,826 (excluding bonds and repos)
POSITIVE CONTRIBUTION OF CURRENT
ACCOUNTS: + 14.8% on Dec. ‘98
… MAINLY DUE TO PACKAGES, 387,000
Dec. ‘98 Dec. ‘99 new accounts in ‘99 (totalling 813,000)
CUSTOMER LOANS
Euro, mln (excl. repos) +14.4%
RISE IN MARKET SHARE (from 10.38% in
85,167 Dec ‘98 to 10.98% in Dec ‘99, excluding
repos)
74,477
SUBSTANTIAL GROWTH IN MORTGAGES
(+22.1%, Euro 28 bln in Dec ‘99)
GOOD PERFORMANCE OF LEASING
(+9.3%, Euro 5,151 mln in Dec ‘99)
34 Dec. ‘98 Dec. ‘99
NewEconomy - 01/04/00 - IR
 QUALITY OF RESULTS CONTINUES TO IMPROVE:
NET COMMISSIONS RISE FURTHER (Euro 2,522 mln,
+22.7% on Dec. ‘98) LED BY ASSET MANAGEMENT
(40% over Dec. ‘98) AND BANCASSURANCE

NET COMMISSIONS/ NET COMMISSIONS (Euro, mln) AuM: Euro 96 bln,

+34% on 1998
TOTAL REVENUES % OF ASSET MANAGEMENT
AND BANCASSURANCE

37% 2,522 Strong growth in fees

2,056 from securities
placement (+66%, from
Euro 142 mln to Euro
32% 237 mln)

BANCASSURANCE:
6% +94%, from Euro 75
mln to Euro 145 mln
4%
37% 45% ASSET
MANAGEMENT
COMMISSIONS
+40% from Euro 789
to Euro 1,104 mln
1998 1999 1998 1999

35 NewEconomy - 01/04/00 - IR
 EXCLUDING EXPENSES FOR INTEGRATION
AND NEW PROJECTS COSTS DECREASE:
ADMINISTRATIVE COSTS (excl. Pekao) +0.5%
1999 results compared excluding Pekao
STAFF COSTS OTHER COSTS, Euro mln
Euro, mln (incl. depreciation) +1.7%
2,159 2,146
1,183 1,202
+112% Costs for new
2 projects, strategic
-0.6% 55
initiatives and
6
+0.9% integration

876 884 Strict cost control

and productivity
improvements

-6% 263 Reduced impact of

280
depreciation

1998 1999 1998 1999

36 NewEconomy - 01/04/00 - IR
 THE PRODUCTIVITY OF THE GROUP BANKS
CONVERGED SUCCESSFULLY IN 1999

Added value per employee(1) , Euro ’000 per employee and Ch. %, 99/98

10.4%
6 Banks’ Aggregate
3.7% 150
As of 16.4%
31/12/98 Rolo Banca 167 160 Credito Italiano
136
161
As of 137
31/12/99

80
….. Ch. %, on 21.0% 96 126
131 4.1%
previous
year
Caritro Banca Crt
117
107

7.3% 116 15.6%

(1) 136
Cassamarca CariVerona
• Revenues less non-personnel costs
• Revenues normalised excluding the effects of: excess capital, dividends and tax collection
• Costs composition adjusted as if the effects of the starting up of USI and UPA were the same for all banks and spinning off costs
deriving from tax collection activities
•
37 Number of employees revised according to human resources assigned to: USI, UPA and tax collecting unit NewEconomy - 01/04/00 - IR
 ASSET QUALITY REMAINS VERY SATISFACTORY, WITH
IMPROVED COVERAGE. THE RISE IN WRITE-DOWNS IS
MAINLY DUE TO FONSPA, PEKAO AND HIGHER
COVERAGE ON PERFORMING LOANS

NPL COVERAGE RATIO

IMPROVING
Euro 263 mln increase in
53.0%
total provisions driven by:
45.3%

Fonspa 100 mln

Dec. ‘98 Dec. ‘99 Pekao’s post 109 mln

privatisation
NPL ON TOTAL LOANS
DECREASING DESPITE PEKAO write-downs

2.6% Generic Reserves 53 mln

2.1%
on Performing
Loans*
* Total general reserve: Euro 167 mln
Dec. ‘98 Dec. ‘99
38 NewEconomy - 01/04/00 - IR
 PEKAO RESTRUCTURING IS WELL ON TRACK AND
REINFORCES OUR CONFIDENCE TOWARDS
FURTHER EXPANSION IN THE “NEW EUROPE”

45 joint task-forces already producing Share price:

+30% since
operational results
the acquisition
MBO program for 900 managers

New Head Office and regional overhead

organisation

New retail scoring system being implemented

Implementation of deep budgeting process and

reporting system

Migration of 1,000 employees to front line

39 NewEconomy - 01/04/00 - IR
 Agenda

UniCredito Italiano’s Architecture for the New

Economy

Multi-channel Banking: enhancing the existing

platform

Xelion: on-line personal financial services

B2B and B2C Initiatives: “web-leveraging” our

core competence

1999 Group Results

Conclusions
40 NewEconomy - 01/04/00 - IR
 CONCLUSIONS

With our current 12% market share and 88% left

to aim for, we will be an attacker as much as an
incumbent
Our main goals are:
• to grow our customer base in Italy by 1.5 mln
over the next 3-5 years
• to cut costs by 15%
• to increase customer satisfaction
• to generate revenues from non-financial
services as well
We can face this exciting challenge confidently,
with our history of innovation, meeting our
targets and - above all - value creation
41 NewEconomy - 01/04/00 - IR