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UniCredit Board of Directors appoints Sergio Ermotti, Paolo Fiorentino and Roberto Nicastro as Deputy CEOs

UniCredit Board of Directors appoints Sergio Ermotti, Paolo Fiorentino and Roberto Nicastro as Deputy CEOs


In its regular Board meeting of July 17, UniCredit Group Board of Directors approved CEO Alessandro Profumo's proposal to appoint Sergio Ermotti, Paolo Fiorentino and Roberto Nicastro as Deputy CEOs directly reporting to him.

The Deputy CEOs will focus on supporting the Group CEO in executing the implementation of the Divisional model across the different geographies and in executing the Group's strategy across the different business lines.

"In order to continue our successful track record in integration, capitalize on cross-divisional organic growth opportunities, and extract productivity via service delivery rationalization" said Group Chairman Dieter Rampl, "the Board has accepted the CEO's recommendation to elevate three of our most talented, experienced and respected senior executives to work with him in sharing some of the day-to-day operational decision-making responsibilities", he commented.

"I am delighted that Sergio, Paolo and Roberto will take an even more pronounced role in leading the operative business of the Group. With this move, my goals are to further strengthen and expand our successful Divisional business model, to accelerate the introduction of our global products in every country where we operate, and to speed up our efforts to harmonize our IT infrastructure and back-office operations, which will enable us to provide an improved level of consistent product and service delivery to our customers" said UniCredit CEO Alessandro Profumo. 

"This move is a testimony to the strength and depth of the senior leadership team our company has been able to both develop and attract - all fully committed to our vision of becoming the "First Truly European Bank" and being one of the most agile and customer-oriented players among the leading international financial institutions", Profumo added.

Sergio Ermotti is named Deputy CEO with responsibility for the Markets & Investment Banking, Corporate Banking, and Private Banking Divisions.
Vittorio Ogliengo will continue to head up Corporate Banking. The Private Banking Division will continue to be run by Dario Frigerio. 
Ermotti will be advised on German issues by HypoVereinsbank CEO Wolfgang Sprissler, in view of the important presence in Munich of both the Markets & Investment Banking and Corporate Banking Divisions.

Paolo Fiorentino is appointed Deputy CEO for the Global Banking Services functions, as well as Legal Affairs, led by Maurizia Angelo Comneno on an interim basis, and Group Identity & Communications led by Marc Beckers who will also retain a direct reporting line to the CEO with respect to Corporate Identity strategy development and will become Management Committee member.

Roberto Nicastro becomes Deputy CEO with responsibility for the Retail, CEE and the Poland Markets Divisions. Erich Hampel and Federico Ghizzoni continue to lead respectively the CEE and the Poland Markets Divisions.

Dario Frigerio will continue his direct reporting line to Profumo for his responsibility as CEO for Pioneer Asset Management and Head of the Asset Management Division. "This solution will further clarify and strengthen Pioneer's independence and governance, and allow Dario - who is one of our strongest executives - to consolidate and enhance our strategy of global growth in asset management, a strategic area of long term value creation for the Group", highlighted Profumo.

The governance functions will continue to report directly to the CEO, with Chief Financial Officer Ranieri de Marchis, Chief Risk Officer Henning Giesecke, and Head of Human Resources Rino Piazzolla.
Compliance and Corporate Affairs is now established as a separate governance function reporting to the CEO to signal the critical importance and strong commitment to keeping the highest compliance standards everywhere the Group operates. Maurizia Angelo Comneno will lead it and will become Management Committee member.

Finally M&A and Business Development, led by Marina Natale, will report directly to the CEO, while the Group's Head of Audit, Elisabetta Magistretti, will continue to report directly to the Board of Directors.

Milan, 17 July 2007

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