December 2025 – Issue 233
Global Securities
Services
Dear Clients, Partners, and Friends,
As 2025 draws to a close, UniCredit Global Securities Services reflects on a year marked by progress, resilience, and innovation. This year, we successfully advanced several strategic initiatives that strengthen our position as a trusted partner in an evolving market. Among the highlights was the rollout of enhanced digital reporting tools and the expansion of our data analytics capabilities – key steps in delivering greater transparency and efficiency for our clients. These achievements underscore our commitment to operational excellence and future-ready solutions. Looking ahead, 2026 will be transformative as we accelerate the adoption of AI-driven technologies. From predictive analytics to intelligent automation, these developments will enable us to deliver smarter, faster, and more personalized services, aligning with the digital ambitions of our clients and the industry at large.
At the same time, we remain vigilant in navigating regulatory and geopolitical dynamics across Central and Eastern Europe (CEE). The region continues to experience significant advancements, from harmonization efforts under EU directives to evolving capital market frameworks that foster cross-border investment. Our teams are actively engaged in these discussions to ensure compliance and to seize opportunities for growth in a rapidly changing environment.
As we celebrate these milestones and prepare for the challenges ahead, we invite you to explore this edition of our Newsletter, featuring insights on market trends and key developments, including:
Preparations for T+1 settlement in Europe, a major step toward faster and more efficient market infrastructure.
The successful merger of UniCredit Romania with Alpha Bank Romania S.A., strengthening our footprint and capabilities in the Romanian market.
Credit rating upgrades across numerous markets, most recently Austria, reflecting economic resilience and investor confidence.
Sustained economic growth and infrastructure technology upgrades across the region.
A continued focus on ESG principles, driving sustainable finance and responsible investment strategies.
And, last but not least, Bulgaria’s upcoming entry into the Eurozone, marking a historic milestone for regional integration.
Wishing you a joyful holiday season and a prosperous, healthy 2026. Here’s to another year of collaboration, growth, and technological advancement!
Client Solutions is a division of UniCredit Group and consists of UniCredit S.p.A., UniCredit Bank GmbH, UniCredit Bank GmbH London Branch, UniCredit Bank GmbH Milan Branch and other members of UniCredit Group. UniCredit Group and its subsidiaries are subject to regulation by the European Central Bank. UniCredit S.p.A. is regulated by Banca d’Italia and supervised by the Commissione Nazionale per le Società e la Borsa (CONSOB). In addition, UniCredit Bank GmbH is regulated by the Federal Financial Supervisory Authority (BaFin), UniCredit Bank GmbH London Branch is authorised and regulated by the Financial Conduct Authority (FCA), and UniCredit Bank GmbH Milan Branch is also regulated by Banca d’Italia and supervised by the Commissione Nazionale per le Società e la Borsa (CONSOB).
This publication is intended for marketing purpose only and it is published by UniCredit Group. Under no circumstances may the information contained in the published material be construed as an offer, recommendation, invitation to offer or promotional message for the purchase, sale or subscription of financial products. This marketing communication is directed solely at investment professionals and constitutes a “non-retail communication” for the purposes of the relevant rules.
© 2025 UniCredit S.p.A. - All Rights reserved
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A Drop That Saves Lives – UniCredit Slovakia Continues Its Blood Donation Tradition with National Transfusion Service
Since 2010, UniCredit Bank Czech Republic and Slovakia a.s., Branch Office of Foreign Bank in Slovakia, has proudly organized the UniCredit Drop of Blood initiative in cooperation with the National Transfusion Service of the Slovak Republic. This program reflects UniCredit’s commitment to social responsibility and its ongoing support for voluntary blood donation to Slovak hospitals.
The event is held regularly, typically two to three times per year, and brings together employees, their family members, and friends. To ensure convenience and accessibility, the National Transfusion Service provides a mobile transfusion station located directly at UniCredit’s headquarters in Bratislava.
Slovakia
NAVIGATOR ARTICLE
The donation process is efficient and well-coordinated. It includes registration, completion of a health questionnaire, a finger-prick blood sample, blood count analysis, and a brief medical consultation. The entire procedure takes approximately 30 minutes, while the actual blood collection lasts only 3 – 5 minutes.
Blood donation is a simple act with a profound impact: one donation can save up to three lives. UniCredit is proud of the strong engagement of its employees and remains committed to supporting this meaningful initiative in the years ahead.
NEWS
Slovenia
Serbia
Bulgaria
Romania
Hungary
Slovakia
Czech Republic
Leadership Secured
Christoph Boschan Reappointed for Third Term as CEO of Vienna Stock Exchange
Austria
Austria
Croatia
Ratings Hold Strong
S&P Affirms Croatia’s “A”- Credit Rating with Positive Outlook Amid Eurozone Membership
Croatia
Bulgaria’s economy maintained steady growth in the past quarter, supported by strong domestic demand and strategic investments. Preparations for euro adoption in January 2026 are on track, with dual pricing implemented and banking systems ready for instant payments. Inflation is projected at 3.6 – 3.9%, while unemployment remains low at 3.6 – 4.0%.
Key Highlights:
Bulgaria is entering a transformative phase marked by euro adoption, digital finance growth, and green energy investments – creating new opportunities for businesses.
The past quarter has been pivotal for Bulgaria’s economy as the country accelerates preparations for euro adoption, navigates inflationary pressures, and attracts significant investment in infrastructure, technology, and green energy. Bulgaria is in the final phase of eurozone entry, with dual pricing already implemented and banking systems undergoing technical upgrades. EU’s instant payment regulation, effective as of October 2025, will enable real-time transfers across the bloc, aligning with Bulgaria’s euro transition. Bulgaria’s economic outlook remains positive, supported by euro adoption, strong banking performance, and strategic investments in infrastructure and green energy. Businesses should prepare for regulatory changes and leverage opportunities in technology and sustainability sectors.
On the Brink of Change
Bulgaria Accelerates Euro Adoption Amid Strong Growth and Strategic Investments
Bulgaria
In September 2025, S&P affirmed Croatia’s long-term rating at A- and short-term rating at A-2, with the outlook remaining positive. Croatia’s current long-term credit ratings are as follows: S&P: A-, positive outlook; Fitch: A-, stable outlook; Moody’s: A3, stable outlook. The affirmation of Croatia’s ratings reflects its strong fiscal and external positions, as well as the benefits of eurozone membership.
Croatia’s economic performance is expected to strengthen, supported by ongoing reforms and moderate fiscal deficits. While growth is projected to slow gradually, it will remain resilient, reaching 3.1% in 2025, around 3% in 2026, and approximately 2.5% in 2027. Growth will be driven by robust private consumption supported by wage growth, investment, tourism, and absorption of EU funds. Government consumption will also contribute to GDP growth, while exports of goods are expected to maintain momentum. These growth rates are projected to be among the highest in the EU in the medium term, confirming the strong momentum of Croatia’s economy.
Employment is expected to expand further, with the unemployment rate remaining below 5% – 4.7% in 2025, 4.5% in 2026, and 4.6% in 2027. As employment growth slows, wage increases are expected to moderate. Inflation is forecast to rise to 4.3% in 2025 before declining to 2.8% in 2026 and 2.2% in 2027.
Institutional arrangements are expected to evolve, with deeper EU integration as reforms progress. Key measures include strengthening the judicial system, improving education, enhancing healthcare, and sustaining growth through access to capital inflows and tourism. Croatia’s small, open economy will rely on structural reforms and growth to sustain steady income increases. The reform agenda is strongly supported by the EU Recovery and Resilience Facility and OECD accession, creating new opportunities for investment in infrastructure, energy, and digitalization aimed at lifting the economy’s productive capacity.
In 2025, the government deficit is expected to increase, driven by higher social benefits. However, the European Commission believes the fiscal situation will remain under control thanks to an efficient tax framework and views Croatia as a role model within the EU. The projected slowdown in growth to around 2.5% in 2027 is not considered significant, and the overall growth framework confirms the credibility and resilience of Croatia’s economy.
The Czech economy recorded robust growth in the third quarter of 2025, with GDP expanding by 2.8% year-on-year, supported primarily by household consumption and strong foreign demand. Inflation remains anchored near the Czech National Bank’s 2% target, and monetary policy is stable, with the key repo rate maintained at 3.50%. The Czech National Bank has recommended tightening conditions for mortgages on investment properties.
Moderate economic growth and continued monetary stability are anticipated in 2026, although risks persist in the services sector and global trade dynamics.
The official price index of the Prague Stock Exchange – the PX index – shows a strong increase year-on-year (+47%), marking the PSE as one of the best-performing securities markets in the region.
Growth with Stability
Czech Economy Posts 2.8% GDP Growth in Q3 2025 as Monetary Policy Remains Steady
Czech Republic
Europe is moving to a T+1 settlement cycle, and Hungary is no exception. Preparations for the shortened cycle are underway, with implementation scheduled for October 2027. The transition is being coordinated by the Central Bank of Hungary (CBH), KELER (the local CSD), and the Hungarian Banking Association. Together, they are building a structured roadmap to ensure a smooth rollout.
The first milestone was a market consultation with participants in October 2025, followed by further discussions among market infrastructures. In addition, the Hungarian Banking Association has set up a dedicated T+1 working group to develop the market roadmap in early 2026.
At UniCredit Hungary, we have already launched internal projects to prepare for this change. Our priorities include reducing operational risks, streamlining processes, and increasing automation where needed. We are working closely with regulators, infrastructures, and partners to make sure the transition is seamless and causes minimal disruption to daily business.
The move to T+1 marks an important step toward a more modern financial market in Hungary. We are confident that faster trade settlement, greater efficiency in transaction processing, and stronger risk management will deliver significant benefits to all market participants.
Countdown to Faster Trades
Hungary Prepares for T+1 Settlement Cycle with 2027 Implementation Roadmap
Hungary
On November 24, 2025, the Belgrade Stock Exchange (BSE) successfully launched trading on the OASIS platform, developed by the Athens Stock Exchange. This marks a major milestone in the modernization of Serbia’s capital market infrastructure and reflects the culmination of years of close cooperation between the two exchanges.
The adoption of the OASIS system introduces a state-of-the-art trading environment fully aligned with Serbian regulatory and investment frameworks. This technological upgrade lays the foundation for deeper integration of the domestic capital market with regional and European markets, creating new opportunities for investors and issuers alike. The migration to OASIS will significantly enhance market efficiency, transparency, and operational reliability, while enabling the development of new products and services in the next phases of the project.
This initiative is part of a broader capital market development strategy implemented by the BSE in partnership with the Ministry of Finance and international institutions such as the World Bank. By introducing MiFID II standards and modernizing market infrastructure, Serbia is positioning itself as an integral part of the European financial ecosystem, opening access to previously untapped sources of capital.
Completion of this project was a prerequisite for relocating the BSE to a new site, where the Securities Commission and the CSD were previously relocated (shared office space for capital market institutions). As of December 1, 2025, the BSE has continued its operations at the new address: Zorana Žunkovića 5, Building A1, Belgrade – Savski venac.
A New Era for Trading
Belgrade Stock Exchange Migrates to OASIS Platform, Modernizing Market Infrastructure
Serbia
Since 2010, UniCredit Bank Czech Republic and Slovakia a.s., Branch Office of Foreign Bank in Slovakia, has proudly organized the UniCredit Drop of Blood initiative in cooperation with the National Transfusion Service of the Slovak Republic. This program reflects UniCredit’s commitment to social responsibility and its ongoing support for voluntary blood donation to Slovak hospitals.
The event is held regularly, typically two to three times per year, and brings together employees, their family members, and friends. To ensure convenience and accessibility, the National Transfusion Service provides a mobile transfusion station located directly at UniCredit’s headquarters in Bratislava.
The donation process is efficient and well-coordinated. It includes registration, completion of a health questionnaire, a finger-prick blood sample, blood count analysis, and a brief medical consultation. The entire procedure takes approximately 30 minutes, while the actual blood collection lasts only 3 – 5 minutes.
Blood donation is a simple act with a profound impact: one donation can save up to three lives. UniCredit is proud of the strong engagement of its employees and remains committed to supporting this meaningful initiative in the years ahead.
A Drop That Saves Lives
UniCredit Slovakia Continues Its Blood Donation Tradition with National Transfusion Service
Slovakia
Slovenia
Rethinking Retirement
Ljubljana Investment Summit Explores Pension Savings and Future Reforms
INTRODUCTION
NAVIGATOR ARTICLE
NEWS
As we celebrate these milestones and prepare for the challenges ahead, we invite you to explore this edition of our Newsletter, featuring insights on market trends and key developments, including:
Wishing you a joyful holiday season and a prosperous, healthy 2026. Here’s to another year of collaboration, growth, and technological advancement!
the continual strengthening of the external position as a result of inflows based on foreign direct investments, as well as the continuation of the downward trajectory of the share of public debt in the gross domestic product, despite higher state capital expenditures
As part of UniCredit Group’s commitment to sustainability and responsible banking across all markets, UniCredit Bank Mostar continues to actively promote ESG principles locally. This commitment was recently demonstrated through the successful completion of the first three-day ESG academy, Fall4ESG, held in Sarajevo in cooperation with the School of Economics and Business Sarajevo. Interest in this academy was also shown in Mostar, where students from both universities in the city (University “Džemal Bijedić” of Mostar and University of Mostar – SUM) jointly attended the three-day program.
The academy aimed to introduce students to ESG principles – environmental, social, and governance standards – through practical examples and interactive sessions. During the courses, more than 100 students had the opportunity to hear from speakers representing the banking sector, private and public institutions, and academia. The program covered key topics such as:
Discussions were inspired by the E, S, and G components, including conversations on climate change and sustainability, social responsibility and inclusion, corporate governance, and ESG reporting. Students demonstrated exceptional curiosity, asked bold questions, and proved they are the driving force of future leadership.
Key takeaway: Profit should never be the sole objective – truly successful companies create value for people, society, and the planet.
As a socially responsible company, UniCredit Bank continues its commitment to supporting ESG projects in Bosnia and Herzegovina, aligning with UniCredit Group’s broader strategy to foster sustainable growth and create long-term value for communities.
ESG in Action
UniCredit Bank Mostar Hosts “Fall4ESG” Academy to Promote Sustainability Principles
Bosnia Herzegovina
The Supervisory Board of Wiener Börse AG has confirmed the extension of Christoph Boschan’s mandate as Chief Executive Officer for an additional five-year term.
The reappointment of Mr. Boschan marks the start of his third term at the helm of the Vienna-Prague stock exchange group, which also includes holdings in energy trading platforms. Boschan has held the position since 2017.
The Management Board will remain unchanged in the coming years, comprising Christoph Boschan as CEO, Andrea Herrmann as Chief Financial Officer, and Petr Koblic, responsible for shareholdings.
The Supervisory Board emphasized its confidence in a proven leadership team with deep market expertise and a clear vision for the future. Under Boschan’s leadership, the exchange has pursued a strategic direction toward economic success. In addition, the group plays a crucial role in maintaining a high-performing and internationally competitive financial market – essential for fostering growth, innovation, and long-term financing of the regional economy.
Source: Vienna Stock Exchange
The Ljubljana Stock Exchange organized its first Investment Summit on October 10, 2025. The main goal was to address one of the most pressing issues of our time – pensions and the future of a decent life after work. The event brought together key representatives of pension funds, the financial industry, regulators, employers, and policymakers.
The conference opened with a keynote speech by Peter Frankl, Director and Editor-in-Chief of Finance, Slovenia’s leading business media outlet. He reminded participants that Slovenia’s current pension model, created in the 19th century, can no longer meet the realities of the 21st century.
Žiga Vižintin, Director of Pension Insurance at Pokojninska družba A, emphasized that the second pension pillar is an important first step. Slovenia offers some of the highest tax incentives in the OECD and delivers stable, competitive returns – confirming that additional pension savings are an investment in one’s own future. Relying solely on public pensions amid extremely negative demographic trends could mean a drastic reduction in living standards.
Dino Šterpin, Director of Sales and Marketing at Triglav pokojnine, highlighted that Slovenian pension savings often follow a flawed logic. More than 80% of assets are invested in debt securities and cash – a missed opportunity. As he vividly put it: “When someone assures you that you will not lose anything, they also prevent you from gaining anything significant.”
The roundtable discussion, moderated by Primož Cencelj, Executive Director of the Asset Management Sector at Modra zavarovalnica, produced clear insights and initiatives. Ivana Gažič, President of the Management Board of the Zagreb Stock Exchange, shared Croatia’s positive experience with the second pension pillar, which benefits savers and serves as an important source of capital for local economic and market development. Blaž Brodnjak, President of the Management Board of NLB, stressed that it is high time for the state to ease the burden on the economy and channel these savings into the future – through the second pension pillar. Andrej Plos, CEO of Sava Pokojninska družba, warned that the main obstacles to greater pension savings are financial illiteracy and employees’ short-term thinking, as many prefer immediate income over long-term security.
The event highlighted Slovenia’s need for bold reforms to secure its future. Reforms that encourage savings and strengthen the economy and capital markets are urgently required.
Bosnia Herzegovina
Zaba remains committed to supporting arts, culture, education, and sports as essential parts of community development. Through partnerships and sponsorships, Zaba ensures broader access to cultural experiences and supports initiatives that foster inclusion, sustainability, and positive social change.
Sports and physical activities are also strongly supported as key drivers of physical and mental health, especially among younger generations.
In times of crisis, Zaba also uses its infrastructure and expertise to support communities – standing by its promise to be a reliable partner not just in finance, but in life.
Well-being Focus Week was more than a series of events – it was a reminder that well-being is a continuous journey.
One that begins with self-awareness, grows with shared support, and blossoms when we take care of our body, mind, and each other.
Here’s to a healthier, happier, and more balanced Zaba!
The Board of Directors of the National Bank of Romania (NBR) maintained the monetary policy interest rate at 6.5% per annum during its meeting on November 12, 2025. The next NBR Board meeting dedicated to monetary policy will take place on January 19, 2026. – According to the NBR Press Release, November 12, 2025.
On August 18, 2025, UniCredit Bank S.A. announced the successful completion of its merger with Alpha Bank Romania S.A. and became a participant in the Bucharest Stock Exchange trading system, acting as a broker. The merger strengthens UniCredit Group’s position in Romania across corporate and retail segments.
The new bank holds a market share of 11% by total assets, 13% by total loans (including UniCredit Consumer Financing), and 11% by total deposits attracted from customers. UniCredit Bank now operates a network of approximately 300 branches, strategically located to ensure efficient access to a diverse range of financial solutions. Customers also benefit from an extensive network of 900 ATMs across the country.
Following the merger, more than 4,800 employees work at the bank, including former Alpha Bank Romania staff. UniCredit S.p.A. acquired from Alpha International Holdings S.M.S.A. – a wholly owned subsidiary of Alpha Services and Holdings S.A. – a share package representing 90.1% of Alpha Bank Romania. The purchase price consisted of 9.9% of UniCredit Romania’s share capital and approximately €255 million in cash. – According to the UniCredit Bank Press Release, August 18, 2025.
The list of participants operating on both Bucharest Stock Exchange markets (Main Market and Multilateral Trading System) is available on the BVB website on the BVB website.
Stability Meets Transformation
NBR Holds Interest Rate Steady as UniCredit Completes Major Merger in Romania
Romania
Topics were as follows:
Self-image and Building Confidence – Understanding how teens perceive themselves and how parents can help them develop a positive and realistic self-image.
The Role of Parents in Learning – Exploring how parents can support their children’s education in a constructive way and collaborate effectively with schools.
Developing a Healthy Online Presence – Addressing the darker sides of the internet and social media, and how parents can help their children navigate the digital world safely and confidently.
Building Psychological Resilience After Failure – Teaching both parents and teens how to recover from setbacks and build inner strength.
All three speakers are accomplished psychologists, professors, and authors with decades of experience in education and child development.
Community support is a large part of the Well-being Focus period at Zaba, a key aspect of that is multiple volunteer activities the bank has organized which also encourage the development of togetherness and collegiality for Zaba employees. Volunteer activities are also organized often, all year long and all employees can find their niche and area of interest.
Finally, Zaba proudly supports UNICEF’s “Supportive Schools” program, which equips teachers and school staff with the tools to promote mental health among students. Through workshops, children and adolescents learn how to manage stress, cope with emotions, and build resilience.
As part of this initiative, Zaba will include a UNICEF donation flyer with client statements in May, inviting all clients to support this important cause.
Classification and reduction of greenhouse gas emissions
Transition toward a Net Zero economy
Application of ESG principles in business operations
Analysis of clients’ transitional and physical risks
Understanding mental health is essential to preserving it. It’s not about perfection, but about maintaining a positive outlook, self-awareness, self-esteem, and the ability to manage challenges with optimism. Good mental health empowers us to adapt, learn, and grow through everyday experiences, relationships, and change.
Zaba emphasized this by offering free psychological counselling and by encouraging employees to take part in resilience training and mental health talks – reminding everyone that it’s okay to seek help before small worries become big problems.
Furthermore, the activities continued with lectures for women employees to give them support during the period of perimenopause and menopause. The lectures were given by accomplished psychologists who were open to all kind of questions and advice for our women colleagues.
Lectures were also organised for parents of teens.
Parenting teens can feel like an impossible mission. To help navigate this challenging period, Zaba introduced the TEENspiration lecture series – a set of online talks from February to May focused on strengthening parent-child relationships.
Feeling at peace when leaving work and returning stress-free.
Maintaining balance – feeling physically healthy, emotionally stable, and content in both personal and professional life.
A deep sense of inner calm and being satisfied with oneself and one’s surroundings, regardless of external circumstances.
Respecting oneself and others, honouring both body and soul, and living in gratitude rather than fear.
Achieving harmony in all aspects of life – physical, emotional, mental, social, and professional.
Mental health as the foundation of overall well-being.
For Zaba’s team, well-being goes far beyond physical health. It means:
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Preparations for T+1 settlement in Europe, a major step toward faster and more efficient market infrastructure.
The successful merger of UniCredit Romania with Alpha Bank Romania S.A., strengthening our footprint and capabilities in the Romanian market.
Credit rating upgrades across numerous markets, most recently Austria, reflecting economic resilience and investor confidence.
Sustained economic growth and infrastructure technology upgrades across the region.
A continued focus on ESG principles, driving sustainable finance and responsible investment strategies.
And, last but not least, Bulgaria’s upcoming entry into the Eurozone, marking a historic milestone for regional integration.
Global Head of Securities Services
Author
Júlia Barbara Romhányi
UniCredit has been recognized as Bank of the Year in Italy, Austria, Croatia, Bulgaria, Romania, and Bosnia & Herzegovina at The Banker’s prestigious annual awards ceremony in London. This marks the third consecutive win for Italy, underscoring UniCredit’s strong performance and transformation into a leading European bank.
The awards highlight UniCredit’s successful strategy focused on innovation, sustainable growth, and client-centric solutions. Recent achievements include technological upgrades in Austria, expanded services in Bulgaria and Bosnia, support for SMEs in Croatia, and the completion of the Alpha Bank Romania merger. UniCredit CEO Andrea Orcel emphasized that these accolades reflect record results, continuous growth, and the dedication of employees and clients.
The Banker’s awards are regarded as an industry benchmark, evaluating institutions on returns, strategic advantage, and market service. These latest honors add to UniCredit’s recent recognitions, including Best Bank in Europe by Euromoney (2025) and Global Bank of the Year by IFR (2024).
UniCredit Named Bank of the Year Across Six Countries
HIGHLIGHTS
Macroeconomy: GDP growth at 3.1% y/y; fiscal deficit target set at 3% for 2026.
Inflation: Expected to rise to 3.6 – 3.9% in 2025, influenced by food prices and VAT adjustments ahead of euro adoption.
Euro Adoption: Regulatory alignment and public campaigns underway; ECB and IMF endorse benefits.
Banking Sector: Net profits up 3.9% to BGN 2.8 b; housing loans exceed BGN 30B.
Fiscal Policy: The 2026 draft budget targets a 3% deficit, sparking debate over progressive taxation and spending priorities.
Investment Trends: Infrastructure and tourism lead recovery; Bulgaria retains competitive tax regime.
Tech & Startups: Sofia remains a hub; notable funding rounds in EV charging and biotech.
Energy Transition: EUR 587 m for battery storage; major solar projects financed by EBRD and IFC.
EU Funding: EUR 438.6 m disbursed under Recovery Plan; reforms tied to anti-corruption measures.
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The main change created by the amended Act that is relevant to inter-national clients, is the definition of a financial instrument for the purpose of defining investment services and transactions, whereby financial instru-ments also include financial instruments issued using distributed ledger technology, as specified in Regulation 2022/858/EU (DLT Pilot regime).
This change in the definition of a financial instrument establishes a legal framework for the potential issue of financial instruments issued based on distributed ledger technology in the Slovenian market. Established by the preliminary discussion with the local CSD, no issuers have currently announced any plans to issue securities based on DLT. The CSD will announce to its members all the relevant details on such instruments (identification, classification, any other relevant information) in due time, in case any of the issuers announces plans to issue securities issued based on DLT.
Regulation (EU) no. 2020/852 of the European Parliament and of the Council of 18 June 2020 establishing a framework to promote sustainable investment,
Regulation (EU) no. 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving the regulation of securities settlements in the European Union and on central depository companies, and
Regulation (EU) no. 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to promote sustainable investments.
Slovenia
The goal of the Ministry of Finance is to adopt the legislation in the first quarter of 2025, followed by a transition period for financial service providers to implement the required measures for supporting services related to individual investment accounts. It is expected that investors will have the option to start opening individual investment accounts in early 2026.
Withdrawals from the account will be subject to a 15% tax;
The first withdrawal after 15 years from the date of account opening will be tax-free if there are no withdrawals in the interim period.
The proposed tax rates are as follows:
First year: up to EUR 20,000;
Subsequent years: up to EUR 5,000 per year;
Total deposit amount: up to EUR 150,000 over the entire period of the account.
The main feature of this account is the ability of the investors to buy or sell financial instruments without creating tax liabilities. The investor's tax liability will be determined only at the liquidation/withdrawal of assets on the individual investment account and payment to the cash account of the investor. A very similar concept in terms of content when switching between sub-funds of the same umbrella fund already exisits in Slovenian legislation. This kind of tax treatment allows investors greater flexibility in decision-making while maintaining the same purpose and benefits.
The individual investment accounts are intended for retail investors who are tax residents of Slovenia, and each investor will be able to open only one such account. The proposed deposit limits are as follows:
T+1 settlement in the Slovenian market
Slovenian market stakeholders started with activities for the transition to the T+1 cycle for securities settlement in Slovenia.
Hungary
Feeling at peace when leaving work and returning stress-free.
Maintaining balance – feeling physically healthy, emotionally stable, and content in both personal and professional life.
A deep sense of inner calm and being satisfied with oneself and one’s surroundings, regardless of external circumstances.
Respecting oneself and others, honouring both body and soul, and living in gratitude rather than fear.
Achieving harmony in all aspects of life – physical, emotional, mental, social, and professional.
Mental health as the foundation of overall well-being.
Understanding mental health is essential to preserving it. It’s not about perfection, but about maintaining a positive outlook, self-awareness, self-esteem, and the ability to manage challenges with optimism. Good mental health empowers us to adapt, learn, and grow through everyday experiences, relationships, and change.
Zaba emphasized this by offering free psychological counselling and by encouraging employees to take part in resilience training and mental health talks – reminding everyone that it’s okay to seek help before small worries become big problems.
Furthermore, the activities continued with lectures for women employees to give them support during the period of perimenopause and menopause. The lectures were given by accomplished psychologists who were open to all kind of questions and advice for our women colleagues.
Lectures were also organized for parents of teens.
Parenting teens can feel like an impossible mission. To help navigate this challenging period, Zaba introduced the TEENspiration lecture series – a set of online talks from February to May focused on strengthening parent-child relationships.
Regional integration and positioning of Croatia as a financial center
Digitalization
Improvement of corporate governance
Increasing market liquidity
Development of new investment products and financing opportunities
SLOVENIA
SLOVAKIA
SERBIA
HUNGARY
ROMANIA
CZECH
REPUBLIC
CROATIA
BULGARIA
AUSTRIA
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INTRODUCTION
HIGHTLIGHTS
NAVIGATOR ARTICLE
NEWS
Head of Group Correspondent Banking
Author
Massimo Ortino
Assia has been part of Unicredit Bulbank’s Global Securities Services team for over 8 years, having started as an operational expert involved in securities settlement, Corporate Action processing, as well as having oversight and control of the Net Asset Value of clients’ Mutual Fund portfolios. As part of the team monitoring the investment activity of clients of Unicredit Bulbank’s Pension Fund, as well as being responsible for the associated reporting activities to the local regulator, Assia’s main goal has always been client satisfaction and providing them with the best possible service.
Assia Cholakova has joined UniCredit Bulbank’s GSS Relationship Management Team
HIGHLIGHTS
BOSNIA
HERZEGOVINA