Strong capital position. Sound domestic corporate franchise, supported by Germany's relatively robust economy. Eligibility for consideration of additional loss-absorbing capacity (ALAC) as a prudentially regulated subsidiary that we expect to be subject to a separate resolution process. Meaningful concentration in its corporate credit portfolio and complexity in its credit market-related business. Some tail risk in credit losses that is not fully reflected in our capital considerations due to the beneficial cycle in Germany and UniCredit Bank's strong operational interconnectedness with the UniCredit group. Volatility in business flows that is inherent to its investment banking activity. The negative outlook on UniCredit Bank AG (UniCredit Bank) reflects Standard&Poor's Ratings Services' view of a one-in-three risk that the European Single Resolution
