Shearman & Sterling acted as U.S. and Italian counsel to UniCredit S.p.A., UniCredit Bank Ireland p.l.c. and UniCredit Delaware, Inc. on an update of the UniCredit Banking Group’s $15 billion U.S. Commercial Paper Program. UniCredit Delaware joined UniCredit Bank Ireland, a second issuer under the existing Section 4(2) commercial paper program. Notes issued under the program are guaranteed by UniCredit S.p.A., the parent company of the issuers. Credit Suisse and Morgan Stanley were added as new dealers in connection with the update, joining existing dealers Banc of America, J.P. Morgan, Goldman Sachs and Citigroup. In addition, UniCredit S.p.A.'s New York Branch was authorized to act as a placement agent for the notes.

UniCredit S.p.A. is the parent holding company of the UniCredit Banking Group, a full-service banking and financial services provider. It is the currently the fifth largest bank in the Eurozone in terms of market capitalization and has the largest international banking network in the Central and Eastern European region.

Shearman & Sterling’s team was led by partner Tobia Croff (Rome-Mergers & Acquisitions), assisted by associate Edward Balsamo (Rome-Capital Markets) and trainee Allegra Bruni (Rome-Capital Markets). Also contributing on this matter were partners Michael Bosco (Rome-Capital Markets), Lisa Jacobs (New York-Capital Markets), Abigail Arms (New York-Capital Markets) and Brad Sabel (New York-Asset Management); counsel Russell Sacks (New York-Capital Markets); and associates Eva Rasmussen (New York-Executive Compensation & Employee Benefits), Hae-Ran Song, (New York-Capital Markets), Thomas Day (Munich-Tax) and Justin Houghton (New York-Asset Management).