Italy's UniCredit Names New Private Banking Head

Wendy Spires

30 April 2009

Italy’s UniCredit Group has announced that Andreas Wölfer will succeed Marina Natale as head of its private banking division with effect from 1 May.

In addition to assuming leadership of private banking, Mr Wölfer will also keep his current role as head of wealth management activity in Germany, a position he has held since 2003. In his new role he will be based in Milan, reporting to Sergio Ermotti, the group's deputy chief executive.

Mrs Natale has been appointed group chief financial officer charged with preparing the company’s financial reports. She has been head of UniCredit’s private banking division since July 2008, having previously led the group’s mergers and acquisitions business since 1998.

It was also announced that the current group chief financial officer, Ranieri de Marchis , is to become head of audit, replacing Elisabetta Magistretti who is retiring.

Both Mrs Natale and Mr de Marchis take up their new roles on 1 May.

The total financial assets of UniCredit's private banking division, including customer deposits, assets under custody and assets under management, totalled €180 billion ($239 billion) at 31 December 2008; assets under management were €60 billion.

UniCredit, which is the parent of Pioneer Investments and Germany’s HVB Group, operates in 22 European countries and has over 174,000 employees.