UniCredit Setting up Tech Innovation Hub in Naples, Italy

UniCredit (UNCFF) is setting up a technological hub in Naples, Italy, to address the region’s high unemployment and slow economic growth. The hub will concentrate on Open Innovation, technological development, and remote management of Italian customers.

“Spazio UniCredit” is the new hub set up in collaboration with the Federico II University. It will host joint laboratories classrooms for conferences, teaching, and training activities. It is aimed at facilitating the transfer of knowledge in the field of technological and digital innovation. It should be up and running by September. (See UniCredit stock charts on TipRanks)

The technological hub is expected to enhance remote assistance and consultancy for customers. It will also support the opening of a second branch of Concierge di BuddyBank in Naples, Unicredit’s 100% digital bank. Additionally, the hub will allow UniCredit to channel new activities and skills into the city while also being able to recruit highly qualified figures.

UniCredit intends to hire about 100 new people to run the hub as it banks on the return of some professionals to the territory. Personnel hires will also go towards strengthening the firm’s southern Italian sales network.

“Ours is a concrete signal of confidence in the future of the South, in line with the PNRR which will help accelerate the growth of public investments and encourage the attraction of private ones, creating development opportunities. UniCredit wants to be a central player in the restart of this important area of the country, also thanks to our credit activity in support of the production system, because investing in the South means believing in the future of Italy,” said Pier Carlo Padoan, President of UniCredit.

Early this month, UBS analyst Ignacio Cerezo reiterated a Buy rating on the stock with a $15 price target, implying 28.91% upside potential to current levels.

Consensus among analysts is a Moderate Buy based on 7 Buys and 5 Holds. The average UniCredit price target of $13.99 implies 19.57% upside potential to current levels.

TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on UniCredit, with 40.6% of investors who hold portfolios on TipRanks increasing their exposure to UNCFF stock over the past 30 days.