UniCredit signs 10-year cloud and AI deal with Google Cloud
UniCredit has signed a 10-year Memorandum of Understanding (MoU) with Google Cloud to accelerate its digital transformation, with a focus on cloud infrastructure, artificial intelligence and data analytics across its 13 core European markets.
The agreement forms part of a broader strategy by UniCredit to modernise operations and enhance customer-facing services, including those delivered through its asset finance and leasing arms such as UniCredit Leasing. These subsidiaries operate in multiple countries and offer structured leasing agreements to support businesses acquiring equipment, vehicles and other assets.
The partnership will see UniCredit progressively migrate large parts of its IT architecture, including legacy systems, to Google Cloud's platform. The bank described the move as 'a major investment' that delivers on a core pillar of its digital roadmap, according to Andrea Orcel, UniCredit's chief executive.
Google Cloud will provide a unified, scalable and secure foundation across the group's banking operations, which UniCredit said will enhance agility and enable future growth, including potential acquisitions. Ali Khan, UniCredit's Group Digital & Information Officer, said the partnership 'massively advances our technology footprint in critical areas such as AI, data and virtualised infrastructure'.
Under the deal, UniCredit will adopt Google Cloud's Vertex AI and Gemini models to power new service offerings and improve internal efficiency. Use cases include investment banking analytics, customer interaction tools, financial crime prevention, operational optimisation and the development of AI-powered financial products.
The MoU also includes a strategic business partnership beyond cloud services, enabling UniCredit to explore other products across the wider Google ecosystem. This could include tools like Google Maps Platform to support customer engagement and process efficiency.
Tara Brady, President EMEA at Google Cloud, said the agreement would enable UniCredit to 'speed innovation, create efficiencies and advance its digital transformation'.
The bank also plans to invest in workforce development as part of the deal. Google Cloud will provide digital skills training across UniCredit's European operations, focusing on IT and business capabilities to support the adoption of AI and cloud technologies.
Ruth Porat, President and Chief Investment Officer at Alphabet and Google, said the partnership aimed to 'support [UniCredit's] sustainable growth ambitions' by helping it modernise operations and launch new offerings.
"UniCredit signs 10-year cloud and AI deal with Google Cloud" was originally created and published by Leasing Life, a GlobalData owned brand.
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