How to buy Crypto with UBI Banca Online
The easiest way to invest in digital assets with a UBI Bank account in Italy is through a European Securities and Markets Authority (ESMA) licensed trading platform. We recommend the eToro exchange because they offer fast and cheap deposits from UBI Banca, and they are licensed by ESMA to offer over 70 digital assets and over 7,000 stocks.
You can get started in under 5 minutes with a UBI Banca account.
- Step 1: Sign up to the eToro EU trading platform.
- Step 2: Select the 'Deposit Funds' button at the bottom of your eToro Dashboard.
- Step 3: Select your preferred fiat currency and payment method (e.g Bank Transfer from UBS Bank or Debit Card/Credit Card).
- Step 4: Once the fiat currency is deposited in your account, select the 'Discover' page and buy any available asset.
UBI Banca Cryptocurrency Policy
UBI Banca has not released an official policy regarding digital assets like Bitcoin and Ethereum. However, we can speculate that their stance is likely similar to other major banks in Europe who have openly supported the development of blockchain technology but are yet to invest in cryptocurrencies.
This could change in the future as more institutional investors put pressure on banks to offer digital asset services like custody and trading. For now, customers will need to use a licensed broker to invest in cryptocurrencies with UBI Banca.
About UBI Banca
UBI Banca is an Italian banking group with over 1,600 branches across the country. It is one of the oldest banks in Italy, founded in 1877, and today it is one of the largest financial institutions in the country with over 30 billion euros in assets. The bank offers a wide range of products and services including retail banking, corporate banking, investment banking, asset management, and insurance. UBI Banca is listed on the Milan Stock Exchange and is a member of the Euro Stoxx 50 index.
Cryptocurrencies are not currently supported by UBI Banca online banking platform. However, customers can use a licensed broker to buy digital assets with EUR deposited from their UBI Banca account.
UBI Banca and Intesa Sanpaolo Merger
In a move that caught the market by surprise, on March 3rrd, 2021 it was announced that UBI Banca and Intesa Sanpaolo were in exclusive talks to merge. This would create Italy’s largest bank with over €700 billion in assets and 10,000 branches. The deal is still subject to regulatory approval but if approved, the new bank would be called Intesa Sanpaolo UBI and have its headquarters in Milan.
This move comes as both banks look to shore up their balance sheets in the face of a challenging economic environment. The pandemic has hit Italy hard, with the country’s GDP shrinking by 9% in 2020. This has put pressure on both banks, which have had to set aside billions of euros to cover bad loans. A merger would allow the two banks to pool their resources and better weather the storm.
The deal would also be a major shake-up in the Italian banking sector. UBI Banca is one of Italy’s smaller banks, while Intesa Sanpaolo is one of the country’s “big four”. If the merger goes ahead, it would create a banking behemoth that would dominate the Italian market.