UniCredit’s Orcel takes charge of Italy in domestic drive

Lisa R. Parker


Andrea Orcel, then UBS main government, leaves soon after attending a Uk parliamentary inquiry into Libor desire fees in London January 9, 2013. REUTERS/Olivia Harris

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  • Italy head stripped of part a calendar year after appointment
  • Other senior executives left in recent months
  • Board desires Italy less than CEO’s immediate remit

MILAN, July 6 (Reuters) – UniCredit CEO Andrea Orcel has taken direct responsibility for jogging the Italian bank’s domestic business enterprise, an internal memo showed, after the board eradicated Niccolo Ubertalli as its head.

Ubertalli’s shock ousting arrives close to a year just after he was appointed as head of Italy and follows the modern exits of other long-standing senior UniCredit executives.

Orcel, former head of financial commitment banking at Swiss lender UBS (UBSG.S), took around as UniCredit’s main government in April 2021 and set about reshuffling its senior management staff, which includes by bringing in previous UBS colleagues.

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Ubertalli, who experienced been tipped as an inner prospect to the CEO purpose when Orcel received the task, did not quickly reply to a request of remark.

UniCredit, which is Italy’s 2nd largest financial institution, is however going through a period of inner adjustment less than the new leadership team, 3 people with understanding of the issue said.

The board’s decision to strip Ubertalli of his job with immediate effect follows friction above tactic, the individuals stated, requesting anonymity offered the sensitivity of the make a difference.

As Italy-based team CEO, Orcel by now performs jobs that in other international locations wherever UniCredit operates are performed by community CEOs, these kinds of as meetings with huge company shoppers or govt ministers, an additional two men and women near to the subject explained.

Reversing a determination by his predecessor to run Italy as element of a Western Europe commercial banking division such as Germany and Austria, Orcel experienced entrusted it to Ubertalli, who was then the co-head of Central Eastern Europe.

Immediately after Jean Pierre Mustier’s attempts to length UniCredit from its financial debt-laden residence market, which the former CEO saw as a resource of vulnerability, Orcel experienced promised as a substitute a renewed aim on Italy and has been performing to get back industry share.

“We are prepared to more enrich Italy’s existence at a team level, enabling it to shift more quickly in its transformation … whilst navigating the predicted volatile ecosystem,” the internal memo noticed by Reuters explained.

“As these kinds of, the board has decided to make the purpose of Head of Italy aspect of the team CEO’s immediate remit,” it additional.

The decision over Ubertalli follows the departure of UniCredit’s Chief Working Officer Ranieri de Marchis in May perhaps and that of Andrea Maffezzoni, UniCredit’s head of performance administration and previous M&A main in June.

“The accomplishment of Italy is basic to the achievements of our group … Bringing our Italian enterprise less than the remit of the group CEO will cement this alignment,” Chairman Pier Carlo Padoan and Orcel said in the message to staff.

Remo Taricani, the head of UniCredit’s professional community in Italy, will guidance Orcel by turning into deputy head of Italy.

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Reporting by Valentina Za Editing by Emelia Sithole-Matarise and Alexander Smith

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