UNCRY - UniCredit names investment banker as its new executive chief

UniCredit ([[UNCRY]] -2.1%) appoints investment banker Andrea Orcel as its new CEO to succeed outgoing chief Jean Pierre Mustier, who offered his resignation last month over strategic differences with the board.Orcel spent 20 years at Merrill Lynch, where he helped manage some of the biggest bank mergers in Europe, including the merger of Credito Italiano and UniCredito to form UniCredit in 1998. He most recently ran the UBS Investment bank from 2014-2018 and was slated to take over Spanish bank Santander in 2018, but ended up in a dispute over compensation, report."He has a vast breadth of experience and exceptional strategic judgement, which will be essential in leading UniCredit into the future," says incoming chairman Pier Carlo Padoan.Now Read: GameStop trading should be stopped for 30 days, state regulator says

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UniCredit names investment banker as its new executive chief