Italy's largest bank focusing on China, Asia markets after a series of cooperation deals

Italy's largest bank is doubling down on its long relationship with China.

UniCredit, Italy's largest bank measured by assets under control, has a history in China dating back nearly 40 years. But the Milan-based institution has stepped up its presence in recent years, according to Michele Amadei, the bank's top manager for the Asia-Pacific region.

Some of the highlights: Earlier this year, UniCredit signed a cooperation agreement with the Industrial and Commercial Bank of China (ICBC), aimed at promoting commercial development; last year, the Italian lender signed a Memorandum of Understanding with the Export-Import Bank of China (China Eximbank), which involves the cross-promoting finance projects; and just last month, the bank teamed up with the China Investment Corporation to launch the China-Italy Industrial Cooperation Fund (CIICF), a fund with an initial endowment of 600 million euros (710 million U.S. dollars) to, as Amadei described it, "invest in mid-market Italian companies as a way to consolidate and accelerate the development of their commercial presence in China."

Amadei said UniCredit's growing ties with China are part of a natural evolution for the bank.

China is now the European Union's largest trading partner and a market where UniCredit has had a presence since 1982, Amadei told Xinhua. "We're a pan-European commercial bank, which is a market leader in 13 countries in Europe. Our mission when it comes to the Asian market is to be a valid partner for our European clients already present there and to work with Asian companies looking to invest in Europe."

Amadei said that despite the great distance between Italy and China, which has been further complicated by the ongoing coronavirus pandemic, technology has helped the bank's partnerships in China to flourish.

"Investments in advanced technological platforms allow us to effectively manage remote interaction both between colleagues and especially with customers," he said. "We have branches and representative offices in China, and, since travel has restarted within China our colleagues have already resumed visiting customers as far as that is possible."

UniCredit will not have a direct presence at the next edition of the China International Import Expo (CIIE), which gets underway Thursday in Shanghai. But Amadei said events like the Expo are increasingly important in an interconnected global economy.

"Events like the CIIE are very important and they will remain so in the future," Amadei said.

"We hope all the limitations put in place due to the pandemic will gradually be loosened and that we will be able to return to 'normality,' although I believe an intelligent use of digital platforms to communicate and work will remain a very effective tool even after the pandemic, taking a place alongside more traditional interactions," he added.