(28 January 2021 – Europe) UniCredit has announced Andrea Orcel as its new CEO, ending a comprehensive lengthy search to replace outgoing CEO Jean Pierre Mustier.
The Italian lender stated the appointment will be confirmed upon approval at the upcoming annual general meeting on April 15. The nomination marks the return of one of Europe's highest profile bankers to the top tier of the sector amid the COVID-19 pandemic and prevailing negative interest rate environment.
Orcel left his role as the head of investment banking at UBS in 2018 after Santander executive chairman Ana Botin offered him the position of CEO only to cancel the offer. Mr Orcel is suing the Spanish bank for €100 million with the focus on deferred compensation that he would lose if he took another job in the industry after leaving UBS. He succeeds Mr Mustier who previously announced he would step down at the end of his term in April after clashing with the board over future strategy.
“Orcel has a strong international profile and he’s a guarantee to international investors that UniCredit will not retreat to Italy. With him, expectations are running high that UniCredit will be a key player in European M&A” stated Banor Capital Head of Fixed Income, Francesco Castelli.