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A new organizational and managerial set-up for the Group senior management


UniCredit's Board of Directors, upon the proposal of the CEO Federico Ghizzoni and after consultation with all relevant corporate bodies, has approved several managerial and organizational changes.


Following a respectful divergence of opinions on the strategic and organizational direction of the Group and the willingness to simplify its business model, UniCredit and Roberto Nicastro mutually agreed to part ways from October 1.


In more than 18 years as a senior executive of the Group, Mr. Nicastro has - among other achievements - helped create and manage the Division that served the basis for UniCredit's leadership in Central and Eastern Europe. In more recent years he has been at the helm of the Group's retail business in Italy and abroad and has served as UniCredit General Manager since 2011. As General Manager Mr. Nicastro has helped Mr. Ghizzoni to refocus the Group's business also holding key responsibilities for the development of the Group's digital banking and institutional and regulatory affairs.

Mr. Nicastro will remain involved in UniCredit as Deputy Chairman of the Supervisory Board of Pekao S.A. and as a Member of the Supervisory Board of Bank Austria and of UniCredit Bank Russia.


UniCredit has decided to divide the delegation of powers of the General Manager among Paolo Fiorentino, Marina Natale e Gianni Franco Papa. Ms Natale will be appointed Deputy General Manager on October 1, joining Mr. Fiorentino and Mr. Papa in this position.


Mr. Fiorentino, in addition to the delegation of powers as Deputy General Manager and COO, will take on responsibility of all the activities concerning the digital transformation within the Group.


In her new role Ms. Natale will be in charge also of asset management, currently managed directly by the CEO, while maintaining all her present responsibilities.


Mr. Papa, as Deputy General Manager and Head of the Corporate and Investment Banking (CIB) Division, will continue to supervise the Group's business in Germany and will also supervise Austria, Poland and the Central & Eastern Europe Division.


In another Board decision, UniCredit and Group Chief Risk Officer, Alessandro Decio, agreed they had successfully completed the triennial project to rationalize the risk management function and to strengthen asset quality. They agreed to enter a new phase which will transition to the appointment of a new Chief Risk Officer.


The Board then approved the appointment of Massimiliano Fossati, formerly Chief Risk Officer for Italian commercial banking, as new Group Chief Risk Officer effective October 1.


Mr. Decio will provide advice to guarantee a smooth transition that ensures the completion of all programs in place before taking on new responsibilities in the Group which will be defined in the next months.


Mr. Fossati - 47 - joined UniCredit in 2000 and has developed strong skills through diverse experiences in the Risk area. He has served as CRO in Czech Republic, Turkey, Austria and the entire Central & Eastern Europe Division, as well as for the Italian commercial banking.


The CEO, personally and also on behalf of the Board of Directors, expressed heartfelt thanks to Mr. Nicastro and Mr. Decio for their dedication, for the results they achieved and for their fundamental contributions to the Group.

He also expressed his best wishes to the three Deputy General Managers, Mr. Fiorentino, Ms. Natale, and Mr. Papa in their expanded responsibilities as well as to Mr. Fossati in his new role.


Federico Ghizzoni emphasized that: "Roberto Nicastro had a prominent and decisive role in the development of UniCredit, in particular as a pioneer in the creation of our Central and Eastern Europe presence,  as an engine for growth and innovation in our retail business, as well as in revamping of our Group in the last two years. "We are" added Mr. Ghizzoni "particularly grateful for these achievements and for his innovative strategic contributions, which have been a constant, trustworthy resource. We wish him every success in his next personal and professional challenges".


Milan, 5 August 2015