Full circle

26 January 2021 By Lisa Jucca Follow @LJucca

The Italian lender is set to pick the former UBS banker as its new chief executive. It gives Orcel an opportunity for redemption after a pay row cost him the chance to be Santander CEO. The former dealmaker’s first task will be to resist a rescue of state-owned Monte dei Paschi.

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UniCredit is set to appoint former UBS banker Andrea Orcel as its new chief executive, Reuters reported on Jan. 26, citing a person familiar with the matter.

Italy’s second-largest bank has been looking for a new CEO since Jean Pierre Mustier said on Nov. 30 he would step down by the annual shareholder meeting in April at the latest.

Orcel, 57, was in charge of investment banking at UBS until 2018 when he left to take the helm at Banco Santander.

The Spanish bank withdrew its job offer, prompting Orcel to file a 112 million euro ($136 million) lawsuit against the lender.

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