Line up

15 January 2021 By Lisa Jucca Follow @LJucca

Senior bankers including Andrea Orcel are in the run to lead the $21 bln bank. The new boss will need to navigate Italy’s intricate political and financial landscape, have clear international standing and a collegiate approach. That rules quite a few of the contenders out.

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UniCredit’s board discussed on Jan. 13 the replacement of outgoing Chief Executive Jean Pierre Mustier, people familiar with the situation told Reuters Breakingviews.

The bank’s board wants the new chief executive to be Italian or at least to speak Italian, daily newspapers Il Corriere della Sera and La Repubblica said on Jan. 14.

UniCredit’s most relevant shareholders consider former UBS head of investment banking Andrea Orcel as the preferred candidate to replace outgoing Chief Executive Jean Pierre Mustier, daily La Stampa said.

Other potential candidates include former Cassa Depositi e Prestiti Chief Executive Fabio Gallia, who also led the Italian unit of BNP Paribas, UniCredit board member Diego De Giorgi and internal candidate Niccolò Ubertalli and Mediobanca’s boss Alberto Nagel, financial sources told Reuters Breakingviews.

UniCredit has also approached available bankers including former Credit Suisse Chief Executive Tidjane Thiam and former Commerzbank Chief Executive Martin Blessing, the Financial Times said on Jan. 13.

The board aims to make a decision on Mustier’s replacement on Feb. 10.

Context News

UniCredit’s board discussed on Jan. 13 the replacement of outgoing Chief Executive Jean Pierre Mustier, people familiar with the situation told Reuters Breakingviews.

The bank’s board wants the new chief executive to be Italian or at least to speak Italian, daily newspapers Il Corriere della Sera and La Repubblica said on Jan. 14.

The board aims to make a decision on Mustier’s replacement on Feb. 10.

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