Italian banking giant UniCredit has entered into a 10-year strategic agreement with Google Cloud to drive its digital transformation across 13 markets. The memorandum of understanding (MoU) marks a major investment in cloud infrastructure and lays the groundwork for adopting AI and advanced data analytics to modernise its operations and customer services.
The deal includes the migration of substantial parts of UniCredit’s application ecosystem—including legacy systems—onto Google Cloud’s platform. By doing so, UniCredit aims to enhance performance, scalability, and innovation across its European footprint.
The partnership also focuses on leveraging Google Cloud’s AI capabilities, both to streamline internal workloads and to develop new, AI-powered financial products. Additionally, UniCredit will collaborate with other Google business units, including Google Maps, to further enhance its digital offerings.
Andrea Orcel, CEO of UniCredit, hailed the deal as a “pivotal step” in the bank’s mission to become “the bank for Europe’s future.” Ali Khan, the bank’s Group Digital & Information Officer, added that the move represents a bold expansion of UniCredit’s technological capabilities.
Ruth Porat, President and Chief Investment Officer at Alphabet and Google, noted that AI is now central to business transformation, and companies that embrace its potential stand to gain significant economic advantages.
This partnership follows a wave of cloud-focused deals for Google, including a multi-year agreement with Citi in October 2024. Meanwhile, UniCredit continues to expand its internal digital capacity, having announced plans in January to bring back-office processes in-house, creating 140 jobs at its Hypovereinsbank unit in Germany.