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UniCredit: The Board of Directors approves the strategic guidelines



Four main pillars for the strategic guidance:

Confirmation of the Group's solid strategic platform, which is unique in Europe

  • International positioning enhancement to the benefit of clients and territories
  • Active management of asset allocation in favour of those areas with greatest expected return
  • Recovery of profitability and efficiency, and organizational simplification

The Board of Directors Appoints four internal managers in key positions


After today's meeting, UniCredit's Board of Directors has approved the Group's strategic guidelines, which are based on four main pillars, to be presented to the financial community by Summer 2011.

The future development will benefit from the solid strategic platform having unique characteristics in Europe, from the wide European network of commercial banks, from the high number of clients and from the offer of high quality products and services supplied by the Group's product companies.


The guidelines confirm UniCredit's focus on clients and on the territories in which it is present, which will benefit from the relation with a bank having strong international presence and diversified know-how.

UniCredit's positioning in terms of business area composition and geographic presence provides the Group with important opportunities to significantly recover profitability also through an active management of asset allocation and ensures competitive advantage with respect to European competitors, in particular in all cross-border activities.


Central and Eastern Europe will be an important area of growth for UniCredit and will experience a progressive increase of the capital allocated in the following years. In this region, the Group will pay great attention to those countries having greatest expected return. The same selective approach will guide the business reassessment in those countries where UniCredit's positioning does not allow an adequate level of profitability or critical mass.


The Corporate & Investment Banking division proves to be a fundamental pillar in the Group's strategy and the approved strategic lines foresee its consolidation also through significant investments.


The improvement of profitability will also pass through a recovery of efficiency, obtained through an organisational simplification which will render the capacity to meet client requests quicker and will further favour the closeness to territories and the understanding of their needs.


The actions to recover efficiency foresee in particular:

 -  A strong focus on restructuring and relaunching of activities in Italy and Germany, also by leveraging on the One4C project;
-  The increase of productivity of risk weighted assets (RWA), also thanks to the growth of activities, which absorb a low level of capital like in the case of Asset Gathering;
- Consolidation of cross-selling activities by paying special attention to cross-border services, aimed at positioning the Group as a European leader in Trade Finance;
- The substantial reduction of cost of risk;
- The Corporate Centres' downsizing, with a greater focus on business service.


In order to simplify the organizational structure, the Board has approved the proposal to include Leasing and Factoring activities under the competences of the General Manager, while Global Transaction Banking will be part of Corporate and Investment Banking.


As we move towards a more coherently defined regulatory framework and a more stable economic and financial environment, the management team will continue to work on a detailed plan, which will quantify the Group's medium-term objectives and which is expected to be presented by next Summer.


The Board of Directors has furthermore appointed the new Heads of UniCredit's CEE, Family & SME, Family & SME Italian Network, and Human Resources Department Divisions. The appointments resolved upon by the Board enhance internal talents, who have grown within the Group also through international experience, as a proof of UniCredit's capacity to create a strong top management line.


In particular, Gianni Franco Papa has been appointed as Head of the CEE Division, which was covered by Federico Ghizzoni until his appointment as CEO. Gianni Franco Papa will report to the General Manager.
Born in Milan, 54 years old and Law graduate, Gianni Franco Papa started his career back in 1979 in the former Credito Italiano. In February 2008, he was appointed as General Manager of Ukrsotsbank in Ukraine and, in October 2010, he moved to Bank Austria, in Vienna, to cover the position of Head of CIB CEE.

The new office as Head of the Family & SME Division, whose set-up has been proposed to the Board of Directors today, will be held by Alessandro Maria Decio, who will directly report to the General Manager.
Alessandro Maria Decio, 44 years old, was born in Milan and obtained a Master in Business Administration at INSEAD in Fontainebleu. After having worked in London as Director of the European Bank for Reconstruction & Development, in 2000 he entered UniCredit as Head of Strategy, Planning and M&A for New Europe. Decio continued his experience as Chief Operating Officer of Zagrebacka Banka in Croatia and and then in Bulbank in Bulgaria. He has been the COO of Yapi Kredi in Turkey since 2007.

The Board of Directors has furthermore appointed Frederik Geertman as Head of the Family & SME Italy Network. To date, this office has been held ad interim by Gabriele Piccini, Country Chairman Italy, who will be able to fully focus on his main role.
Frederik Geertman, 40 years old, graduate in Chemical Engineering and having a Master in Business Administration at INSEAD in Fontainebleu, Frederik Geertman has been working in the Group since 2003 and has developed sound experience in the distribution channels. Effective as from the merger with Capitalia back in 2007, he has been the Head of the Retail Marketing & Segments.

Paolo Cornetta has been appointed as the Group's Human Resources Director, substituting Rino Piazzolla, who will leave UniCredit in the following weeks to pursue new professional challenges.
Paolo Cornetta, 49 years old, has a degree in Law, has obtained a Master in Business Administration at Università Bocconi in Milan and has developed long professional experience in the Human Resources sector. After having been the New Europe HR director and, subsequently, the Head of Executive Development & Compensation, he has held the office as Head of HR Family & SME since July 2009 and has recently held the office as HR Italy Director.

UniCredit also communicates the appointment of Giuseppe Scognamiglio as Head of Institutional and Regulatory Strategic Advisory in replacement of Carmine Lamanda, who has terminated his working relationship as an employee of UniCredit. Giuseppe Scognamiglio, 47 years old, has a degree in Law and has started his diplomatic career in the Italian Ministry of Foreign Trade in 1989 - he has since then worked in many high profiles roles, being a Diplomatic Adviser of Cabinet Ministers from 1999 to 2001, and then being in charge of the policy of support for the internationalization of the Italian economic system. In 2003 he joined UniCredit as Head of Institutional and International Affairs, his current job to date.



Milan, 14 December 2010



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