Strong capital position. Sound domestic corporate franchise, supported by Germany's relatively robust economy. Likely separate resolution process to that of Italian parent UniCredit, supporting a higher rating than that on the parent. Downside risk to the capital projection given UniCredit Bank's strong operational links with the UniCredit group. Meaningful concentration in its corporate credit portfolio and complexity in its credit market-related business. Business-flow volatility inherent in its investment banking activity. The developing outlook indicates that we could affirm, raise, or lower our ratings on UniCredit Bank over the next 12-24 months, during which time we expect that the resolution strategy for UniCredit Group, including the level and positioning of bail-in buffers, will become clear. Implementation toward a more unified single
