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UniCredit finalizes the signing of former UBS president, Andrea Orcel, as new CEO

UniCredit is considering appointing Italian banker Andrea Orcel, former UBS president, as its new CEO, sources close to the negotiations told Reuters.

The figure of the executive began to sound strongly for the position thanks to the support of the bank’s international investors and a group of local shareholders headed by Leonardo Del Vecchio. However, his litigation with Santander raised certain doubts.

Orcel was close to signing for Banco Santander, where he was to assume the position of CEO, but finally the negotiations broke down and the manager and the bank crossed accusations and a claim for compensation of 100 million euros from the former against the entity.

According to a statement from the bank, which accuses Orcel of demanding a higher remuneration than was established during the negotiations, after this move the banker began to record his conversations with Ana Botín.

For its part, UniCredit has been looking for a new CEO since Jean Pierre Mustier announced in November that he would step down in April 2021 after clashing with the board over the bank’s strategy.

Previously, Orcel, 57, had worked at Merrill Lynch and later at UBS, where he worked until 2018. At that point, negotiations began with Santander, which eventually withdrew its offer.

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