UniCredit Bank Austria Reshapes Cultural Sponsorship Strategy Amid Economic Challenges

UniCredit Bank Austria Reshapes Cultural Sponsorship Strategy Amid Economic Challenges

(IN BRIEF) UniCredit Bank Austria is restructuring its cultural sponsorship strategy due to economic challenges, resulting in the closure of the Kunstforum. Losing Signa as a key sponsor and landlord, combined with the need for significant future investments, has made continued operation of the Kunstforum unsustainable. The bank will now focus on financially supporting cultural and social initiatives, with an additional €1 million annually allocated to Vienna’s cultural scene starting in 2025. Key initiatives include the upcoming UniCredit Bank Austria Park, collaborations with Albertina and the Vienna Philharmonic Orchestra Academy, and educational programs like Teach for Austria. UniCredit Bank Austria remains committed to supporting over 100 cultural and social projects across Austria.

(PRESS RELEASE) VIENNA, 9-Dec-2024 — /EuropaWire/ — UniCredit Bank Austria has announced significant changes to its cultural sponsorship activities, citing the challenging economic conditions that no longer permit the continued operation of the Kunstforum. After efforts to secure a long-term lease with the landlord, Signa, proved unviable, the bank expressed regret over the situation, emphasizing the impact of losing Signa as both a landlord and a key sponsor. The Kunstforum would also require substantial future investments, making its operation unsustainable under the current circumstances.

Expanded Cultural Support for Vienna

In response, UniCredit Bank Austria is reorganizing its sponsorship approach, shifting its focus from directly operating a museum to providing financial support for cultural and social initiatives. Starting in 2025, the bank will allocate an additional €1 million annually to Vienna’s vibrant cultural scene, complementing its existing extensive cultural and social funding. Projects benefiting from this expansion will be announced in the coming months.

Among the highlighted initiatives is the UniCredit Bank Austria Park, curated by André Heller, set to open in 2025. This collaboration with the City of Vienna will feature sculptures by renowned Austrian and international artists. Other initiatives include long-standing support for Albertina and Albertina Modern, the Vienna Philharmonic Orchestra Academy, and cultural crowdfunding, which has raised over €3 million for 300 projects since 2015.

A Broader Commitment to Art, Culture, and Social Impact

UniCredit Bank Austria reaffirmed its dedication to supporting over 100 cultural and social projects across Austria. Key examples include educational initiatives like Teach for Austria, financial literacy programs such as “MoneyMatters,” and community support through the Bank Austria Social Award, which funds local charitable initiatives with €90,000 annually.

The bank’s continued backing of these projects reflects its broader mission to foster art, culture, and education, while supporting social causes across Austria. As UniCredit Bank Austria redefines its cultural sponsorship strategy, it remains a reliable partner to institutions and initiatives that shape Austria’s cultural and social fabric.

Media contact:
UniCredit Bank Austria Media Relations
Matthias Raftl, Tel.: +43 (0) 5 05 05-52809;
E-Mail: matthias.raftl@unicreditgroup.at

SOURCE: UniCredit Bank Austria AG