Strong capital position. Sound domestic corporate franchise and additional revenue opportunities due to its position as the investment-banking hub within UniCredit Group. Expected to have a separate resolution process to that of Italian parent UniCredit SpA, supporting a higher rating than that on the parent. Tail risk from strategic, financial, and operational interaction with the lower rated UniCredit Group, which also results in downside risk to our capital projection. 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 S&P Global Ratings could affirm, raise, or lower our ratings on UniCredit Bank AG over the next 12-24 months, during which time we expect that
