UniCredit has created a dedicated Wealth Management & Private Banking (WM & PB) division in Italy.
Stefano Vecchi will lead the new division from 1 October, taking on the new role of Head of Wealth Management & Private Banking Italy. In this role Stefano Vecchi will report directly to Niccolò Ubertalli, Head of UniCredit Italy. He will have the responsibility of the Italian Wealth Management and Private Banking network serving over 140 thousand clients, with more than 100 billion euros of assets. The network consists of a team of more than 1,400 employees, of which 700 relationship managers spread around 132 cities across Italy.
The newly set WM & PB division joins the other three business areas of UniCredit Italy dedicated to clients: Individuals, Corporates and Corporate & Investment Banking Italy.
"By creating a dedicated WM & PB division - said Niccolò Ubertalli, Head of UniCredit Italy - the Group confirms its attention to the management of HNW and UHNW clients looking for highly personalised services management embedded in the unique offering of a Pan European commercial bank. The new approach aims at increasing the focus on our excellent offering and advisory services through an integrated platform delivered by our bankers. Stefano Vecchi has a longstanding experience as a top manager in the best companies in the industry. I am confident that his professionalism and deep knowledge of the wealth industry will continue to be key asset for the division and will help us thrive as a bank".
Three lines of business will report directly to Stefano Vecchi:
- Private Banking
- Wealth Management
- Ultra-high Net Worth families and family holdings.
In addition, the Italian Investment Management, Investment Services and Investment Products functions will report to Stefano Vecchi and to CIB division, led by Richard Burton.
The new Italian division allows growth acceleration within these business lines and to further improve the quality of UniCredit's offering.
To facilitate simplification, UniCredit is moving to a regional Wealth Management and Private Banking set up for Italy, Germany, CE and EE. A fundamental change that will allow the Group to strengthen the business in its geographic areas of interest, share best practices between segments and achieve operational excellence.
In his new role, Stefano Vecchi will also be responsible to foster the adoption of this new business setup across UniCredit's pan-European network, replicating the Italian model in all the countries interested. This approach will be a growth lever for the Group's WM & PB business in Europe.
Milan, 28 September 2021