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UniCredit Board Approves New Managerial Governance

Today the Board of Directors of Unicredit SpA, at the request of the CEO Federico Ghizzoni, appointed Roberto Nicastro as General Manager. In this role, Nicastro will lead the Group's commercial banking business, which is comprised of the Families, Small and Medium-Sized Enterprises and Private Banking segments as well as the Global Transaction Banking. The Board also appointed Paolo Fiorentino as Chief Operating Officer (COO) making him responsible for Operations, IT, Organization, HR and Identity&Communications.


Sergio Ermotti has agreed, until his successor is appointed and in order to assure a smooth transition, to continue to head the Group's Corporate and Investment Banking (CIB), composed by Markets, Financing&Advisory, Financial Institutions Group, Leasing and Factoring. The Board has underlined the strategic importance of the CIB-area for UniCredit.


The General Manager, the COO, the Head of CIB, the Chief Financial Officer and the Chief Risk Officer will all report directly to the CEO. Ghizzoni will also oversee Strategic HR and manage the country chairmen for Germany and Austria. The country chairmen for Italy and Poland, along with the Head of CEE Banking Operations, will report to the General Manager.


CEO Federico Ghizzoni stated: "This new managerial governance represents a major step in the advancement of UniCredit as a leading European Universal Bank. Because of the clearly defined responsibilities we are now in perfect shape to meet the challenges of the new economic and regulatory environment."


Nicastro has served as Deputy CEO of UniCredit and, for the last three years, has led the strategic business area of Retail Banking. He joined UniCredit in 1997, after working in investment banking at Salomon Brothers and in consulting with McKinsey. At the beginning of the previous decade, Nicastro built upon the Group's CEE footprint.


Fiorentino has served during the last three years as a Group Deputy CEO, and has been responsible for Global Banking Services (GBS) since 2004. Prior to that, he led the New Europe Division as a part of his 30-year career at UniCredit.


CEO Ghizzoni commented: " Both Roberto and Paolo's expertise and their record of achievement give me confidence that they will deliver strong results and contribute to the growth of our business lines and regions of operation. I look forward to leading this dynamic management team in the next phase of our Group's development."



Milan, 26 October 2010



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