Italy-based commercial bank has agreed a 10 year deal with Google Cloud to accelerate its digital transformation project.
The memorandum of understanding (MoU) will see UniCredit use Google Could's AI and data analytics services to streamline its digital architecture and products and services across 13 markets.
According to the bank, the deal is a "major investment" in its cloud infrastructure and honours its pledge to migrate large parts of its application landscape, including legacy systems, to Google Cloud's platform.
Unicredit also plans to use Google Cloud for its AI workload and developing new products using AI technology. The MoU also establishes a business partnership with Google to explore services from other Google divisions, such as Google Maps.
"This strategic partnership with Google Cloud is a pivotal step in our strategy to be the bank for Europe's future," said Andrea Orcel, CEO Unicredit.
"Partnership with Google Cloud represents a bold move for UniCredit – massively advancing our technology footprint in critical areas such as AI, data and virtualised infrastructure across 13 core markets," added Ali Khan, group digital & information officer, UniCredit.
"AI is unlocking immense opportunities for business transformation and growth, offering significant economic advantages to organizations that proactively embrace its potential," said Ruth Porat, president & chief investment officer, Alphabet and Google.
Google has secured a number of deals in recent months with banks looking to ramp up their digital transformation efforts, including a multi-year agreement struck with Citi in October 2024.
Also, Unicredit announced in January this year that it plans to internalise a number of back-office processes that had been previously outsourced to third parties - a move that would initially provide 140 new jobs for its Hypoveriensbank Germany subsidiary.