UniCredit Bank Austria strengthens SRT positioning with Project ARTS Belvedere 2025 in partnership with PGGM

UniCredit Bank Austria strengthens SRT positioning with Project ARTS Belvedere 2025 in partnership with PGGM

(IN BRIEF) UniCredit Bank Austria has returned to the SRT market with Project ARTS Belvedere 2025, a new transaction under the UniCredit ARTS programme aimed at improving capital efficiency and increasing lending capacity across the real economy. The deal, carried out in partnership with PGGM and guaranteed on behalf of PFZW, is built on a €1.945 billion corporate and SME reference portfolio and marks the third joint initiative between the two organisations, following previous projects in Bulgaria and the Czech Republic. UniCredit highlighted the transaction as a milestone in expanding the Group’s SRT footprint within the CEE region, while UniCredit Bank Austria emphasised its importance for supporting SME and corporate financing. PGGM recognised UniCredit as a strong long-term partner with shared sustainability values and confirmed its intention to expand further across CEE markets.

(PRESS RELEASE) VIENNA, 27-Nov-2025 — /EuropaWire/ — UniCredit Bank Austria has officially re-entered the significant risk transfer (SRT) market through the execution of Project ARTS Belvedere 2025, marking a renewed role as an issuer and further strengthening UniCredit’s reputation as one of Europe’s most dynamic and forward-thinking players in the SRT space. The transaction sits within the broader UniCredit ARTS programme, closely aligned with the Group’s strategic goal of increasingly using SRT instruments to support capital optimisation, improve balance-sheet efficiency and expand lending capacity to businesses across the real economy. The bank aims to broaden this framework even further over time, reaching new asset segments and additional legal entities within the Group perimeter.

This latest transaction also celebrates the continuation of the long-standing collaboration between UniCredit Group and PGGM. Project ARTS Belvedere 2025 is the third initiative the two organisations have delivered together, following the Bulgarian-based ARTS Silver-2 completed in 2025 and ARTS Morava in the Czech Republic finalised in 2024, reflecting a growing, multi-market partnership across Central and Eastern Europe.

With a reference portfolio valued at €1.945 billion, the structure of the deal is composed of exposures to corporate and SME customers of UniCredit Bank Austria. As part of its design, the capital stack retains the first loss and senior tranches, while the second loss tranche is secured through a guarantee provided by PGGM, acting on behalf of its client PFZW, the Dutch healthcare pension fund.

UniCredit Bank GmbH oversaw the transaction in its role as sole arranger and placement agent.

Speaking on the completion of the project, Stefano Chiarlone, UniCredit’s Head of Balance Sheet Management, highlighted that the transaction reinforces the efficiency of UniCredit’s capital strategy and enhances capital relief at both the Bank and Group level. He noted that the deal expands the SRT footprint into Austria, strengthening UniCredit’s reach within the CEE region and representing the sixth such transaction completed within the area. He also recognised PGGM’s partnership as a key contributor to this progress.

Hélène Buffin, CFO of UniCredit Bank Austria, added that returning to the SRT market with Project ARTS Belvedere 2025 marks an essential step in improving the bank’s capital structure and risk management framework. She stated that the enhanced capital position will support increased lending to SMEs and corporates, and reaffirmed the value of the collaborative relationship with PGGM as a foundation for long-term cooperation.

Reflecting on the partnership from PGGM’s perspective, Luca Paonessa, Lead Portfolio Manager for Credit Risk Sharing, commented on the productive year following the first transaction between the two institutions. He noted UniCredit Group’s strong professional standards across subsidiaries, as well as its leadership in embedding sustainability into lending practices—an ideal alignment with PFZW’s priorities. He also welcomed UniCredit Bank Austria as a further addition to the relationship and expressed enthusiasm for expanding PGGM’s activities throughout the CEE region.

Enquiries: 
UniCredit Bank Austria
Matthias Raftl, +43 (0) 5 05 05-52809 
matthias.raftl@unicreditgroup.at

UniCredit
mediarelations@unicredit.eu

PGGM
Maurice Wilbrink, +31 (0)6 10 22 11 94
maurice.wilbrink@pggm.nl

PGGM Investment Management
PGGM Investment Management is part of the Dutch not-for-profit pension fund service provider PGGM. It fulfills a social mandate: the sustainable investment of the pension capital of around three million participants of PFZW, the pension scheme for the Dutch health and welfare sector. On 31 March 2025, PGGM IM managed EUR 249 billion in public and private markets globally. More information about PGGM IM: annual-report-pggm-vermogensbeheer-b-v-2024.pdf

SOURCE: UniCredit Bank Austria AG