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UniCredit Reconfigures Regions in Simplification Push

   By Mauro Orru 
 

UniCredit SpA is reshaping activities in some regions in a bid to fast track decision making as part of a new structure unveiled in May by Chief Executive Officer Andrea Orcel.

The Italian bank said Thursday that UniCredit Italia would manage all operations in the country as a new standalone geography led by Niccolo Ubertalli.

UniCredit Italia will focus on three business areas, namely individuals, enterprises, and a corporate-and-investment bank.

"Part of this simplification journey includes the creation of UniCredit Italia, as a standalone, fully empowered geography, alongside newly configured activities in Germany, Central Europe and Eastern Europe," Mr. Orcel said.

"A move that underscores both the importance of our heritage and roots, but also the strength of our unique and unified pan-European offering," he added.

Michael Diederich will lead all German operations, with Markus Beumer and Jan Kupfer respectively heading the enterprises and corporate-and-investment bank in the country. The bank is yet to appoint a head for the individuals segment in Germany.

Central Europe, covering Austria, Czech Republic, Slovakia, Hungary and Slovenia, will be led by Gianfranco Bisagni, with Teodora Petkova heading Eastern Europe, which includes Bosnia and Herzegovina, Bulgaria, Croatia, Romania and Serbia.

The announcement comes just two months after UniCredit backed the creation of a CEO office responsible for strategy and optimization, and set up a group executive committee of 15 people to replace the 27-strong executive management committee.

Mr. Orcel, who succeeded Jean Pierre Mustier at the helm of the bank earlier this year, said reducing complexity and simplifying UniCredit's structure would be one of his first priorities.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

July 15, 2021 06:37 ET (10:37 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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