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UniCredit announces further steps in its business simplification

The Group redesigns the first line of each of its business areas and regions, reducing layering and complexities.

Italy is established as a standalone geography, reflecting the critical importance of this country to the Group, honouring the roots, essence and spirit that underscore the origins of UniCredit.



Following the new organisational structure put in place in May by the Group's CEO Andrea Orcel and the appointment of a new Group Executive Committee ("GEC"), UniCredit today announces further steps in enhancing its overall operations.


To further improve efficiency, the first line of each business area and region has been designed to reduce layering and complexity whilst retaining clear lines of control and oversight.  The new reporting lines provide a clean and clear management structure designed to deliver faster execution and decision-making capabilities and promote operational excellence, providing closer links between management and the clients and communities within which it operates.


The realignment has further increased the diversity of the management team, mirroring the increased female presence at GEC level (from 15 percent to 40 percent[1]), and introducing greater variety in the nationalities represented. This underlines UniCredit's commitment to boosting a culture based on Diversity, Equality & Inclusion, and a multicultural environment where meritocracy is valued and every voice is heard.


Andrea Orcel, CEO of UniCredit, commented: 

"Today's announcement is a further step in delivering on our objective to simplify and reduce the complexity that has shaped this business for too long. It is the start of a process of greater empowerment and accountability, unlocking the value that is inherent within the UniCredit business, so that we might better serve our customers and communities.

Part of this simplification journey includes the creation of UniCredit Italia, as a standalone, fully empowered geography, alongside newly configured activities in Germany, Central Europe and Eastern Europe.  A move that underscores both the importance of our heritage and roots, but also the strength of our unique and unified pan European offering"



  • All Italian operations are managed under UniCredit Italia's remit, a new standalone geography of the Group empowered with all levers needed to better support and meet territorial diversity and local needs.
  • The new UniCredit Italia is led by Niccolò Ubertalli, appointed Head of Italy.
  • The business areas the new UniCredit Italia will focus on are: Individuals, headed by Barbara Tamburini, including Mass Market, Affluent and Private Clients;


Enterprises, headed by Andrea Casini, managing small, medium and large companies; CIB Italy, headed by Alfredo De Falco.

  • Clients are served by two complementary service and product distribution networks:

o   the Physical Distribution Network, ensuring proximity and relationship-based local services, organised in 7 Regions (North West, Lombardy, North Est, Central-Northern Italy, Central Italy, Southern Italy and Sicily);

o   the Alternative Distribution Channels structure, including Mobile, internet banking, UniCredit Direct, buddybank and ATMs.




  • All German operations are led by Michael Diederich as Head of Germany and the HVB management team.
  • As in all standalone geographies of the Group, the allocation of responsibilities in the management team will mirror the GEC structure and functionally report to it.
  • Markus Beumer and Jan Kupfer are respectively heading the Enterprises and the CIB Germany structures; the new head of the Individuals structure will be announced in the near future.


Central and Eastern Europe:

  • Central Europe encompasses Austria, Czech Republic, Slovakia, Hungary and Slovenia under the leadership of Gianfranco Bisagni.
  • Eastern Europe, led by Teodora Petkova, includes Bosnia and Herzegovina, Bulgaria, Croatia, Romania and Serbia. The CEOs of the specific country banks remain unchanged.
  • A Retail CE & EE structure, headed by Pierre Yves Guegan, and a CIB CE & EE structure, headed by Fabio Fornaroli, equally report to Gianfranco Bisagni and Teodora Petkova, who also maintain a joint responsibility for Russia.


All standalone geographies of the Group (Italy, Germany, Central and Eastern Europe) have dedicated support functions of People and Culture, Finance, Digital & Information Office and Operations. In addition, Compliance, Legal and Risk have established specific regional departments.


Today's announcement can be found here:



Milan, 15 July 2021



[1] The GEC consists of 15 members, 6 of whom women





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