UniCredit’s Vecchi at the head of the new Italian wealth division

The logo of UniCredit bank in the old city center of Siena, Italy on June 29, 2017. REUTERS / Stefano Rellandini

MILAN, Sept.28 (Reuters) – UniCredit (CRDI.MI) announced on Tuesday that it had created an Italian wealth management and private banking division to be headed by Stefano Vecchi from October 1.

Vecchi, whose division will serve around 140,000 clients with more than 100 billion euros ($ 117 billion) in assets, will report directly to Niccolò Ubertalli, director of UniCredit Italy.

Around 1,400 employees work in the Vecchi division, half of whom are account managers in 132 cities in Italy.

UniCredit is looking to increase commission income as analysts believe it relies too heavily on interest income – the difference between interest paid to depositors and charged on loans – especially in the current negative rate environment.

Separately, on Tuesday, Ubertalli informed staff in a note seen by Reuters that Mirko Bianchi was leaving the management of the group’s wealth management and private banking activities.

During his 12 years at UniCredit, Bianchi held several management positions, including that of CFO. He will now pursue “new opportunities and new challenges” outside the group, Ubertalli said.

UniCredit, the only Italian bank deemed systemically important by regulators, has reorganized under the leadership of new CEO Andrea Orcel, who succeeded his predecessor Jean Pierre Mustier in April.

Orcel has streamlined the senior management structure, removing the co-lead positions for the most senior positions.

It also strengthened the powers of the main countries where UniCredit operates, whereas previously the bank’s operations were structured around larger geographic areas.

($ 1 = € 0.8537)

Reporting by Valentina Za Editing by Mark Potter

Our Standards: Thomson Reuters Trust Principles.

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