UniCredit S p A: announces new steps in its commercial simplification

The Group is redesigning the front line of each of its business areas and regions, thereby reducing layering and complexities.

Italy is established as an autonomous geography, reflecting the critical importance of this country for the Group, honoring the roots, essence and spirit that underline the origins of UniCredit.

Following the new organizational structure put in place in May by Group CEO Andrea Orcel and the appointment of a new Group Executive Committee (“GEC”), UniCredit today announces new measures to improve its overall operations.

To further improve efficiency, the first line of each business area and region has been designed to reduce overlap and complexity while maintaining 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, forging closer links between management and customers and communities at within which it operates.

The realignment further increased the diversity of the management team, reflecting the increased presence of women at the GEC level (from 15% to 40%[1]), and by introducing greater variety in the nationalities represented. This underlines UniCredit’s commitment to promoting a culture based on diversity, equality and inclusion, and a multicultural environment where meritocracy is valued and every voice is heard.

Andrea Orcel, CEO of UniCredit, commented:

“Today’s announcement is one more step in achieving our goal of simplifying and reducing the complexity that has shaped this business for too long. It is the start of a process of increased empowerment and accountability, unleashing the value inherent in UniCredit’s business, so that we can better serve our clients and communities.

Part of this simplification journey includes the creation of UniCredit Italia, as an autonomous and fully empowered geographic area, alongside newly configured activities in Germany, Central and Eastern Europe. An approach which underlines both the importance of our heritage and our roots, but also the strength of our unique and unified pan-European offer ”

Italy:

  • All Italian operations are managed under UniCredit Italy, a new autonomous geography of the Group equipped with all the levers to better support and respond to territorial diversity and local needs.

  • The new UniCredit Italia is led by Niccolò Ubertalli, appointed head of Italy.

  • The areas of activity on which the new UniCredit Italia will focus are: People, Directed by Barbara Tamburini, including general public, affluent and private customers;

Companies, Directed by Andrea Casini, management of small, medium and large enterprises; CIB Italy, Directed by Alfredo De Falco.

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

the Physical distributionNetwork, provide local and relational services, organized in 7 Regions (North-West, Lombardy, North-East, Center-North of Italy, Center of Italy, South of Italy and Sicily);

the Alternative distribution channels structure, including Mobile, online banking, UniCredit Direct, buddybank and ATMs.

Germany:

  • All German operations are led by Michel Diederich as head of Germany and the management team of HVB.

  • As in all autonomous geographic areas of the Group, the distribution of responsibilities within the management team will reflect the structure of the GEC and report to it functionally.

  • Markus Beumer and Jan Kupfer respectively lead the Companies and the CIB Germany constructions; the new head of the Individuals structure will be announced shortly.

Central and Eastern Europe:

  • central Europe encompasses Austria, the Czech Republic, Slovakia, Hungary and Slovenia under the leadership of Gianfranco Bisagni.
  • Eastern Europe, directed by Teodora Petkova, includes Bosnia and Herzegovina, Bulgaria, Croatia, Romania and Serbia. The CEOs of banks in specific countries remain unchanged.
  • A Retail CE & EE structure, led by Pierre Yves Guégan, and one CIB CE & EE structure, led by Fabio Fornaroli, also report to Gianfranco Bisagni and Teodora Petkova, who also retain joint responsibility for Russia.

All of the Group’s autonomous geographic areas (Italy, Germany, Central and Eastern Europe) have dedicated support functions of People and culture, Finance, Digital and Information Office and Operations. More, Conformity, Legal and Risk have created specific regional offices.

Today’s announcement is available here:

https://www.unicreditgroup.eu/en/one-unicredit/our-people/2021/jul/Andrea-Orcel-announces-further-business-simplifications.html

Milan, July 15, 2021

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