ROME (dpa-AFX) - Italian banking giant UniCredit (UCG, UNCFF.PK) is considering tapping shareholders for as much as 5 billion euros and selling its entire stake in Poland's Bank Pekao SA, the country's second-biggest bank, to raise capital, Bloomberg reported citing people familiar the matter.
The report noted that the Chief Executive Officer Jean Pierre Mustier is looking at measures including a full exit from Poland as well as a disposal of online lender FinecoBank SpA. UniCredit is also mulling a sale of a large share of its bad loan portfolio in Italy. No final decisions have been made and the plan could still change.
Separately, UniCredit said that its Board approved a new organisational structure aimed at simplifying the Group, establishing a more efficient operational set-up, clarifying roles and responsibilities of senior management and bolstering accountability through shorter reporting and decision making lines.
The new structure will involve the reduction of the number of CEO direct reports, with the CEO focusing on the group's strategy, risks and costs structure. As such, he will retain direct oversight of strategy, risk management, compliance, human resources, as well as operating activities.
All business related activities across the Group will be under the responsibility of GianniFranco Papa, currently Deputy General Manager of UniCredit and Head of the Corporate and Investment Banking division, who will take up an expanded and strengthened General Manager role, with the primary focus on developing further UniCredit's client offer, maximizing cross-selling and value creation throughout UniCredit's different divisions and areas of activities as well as driving the digital strategy and the change of the bank's services model.
Operating activities will be lead by newly appointed co-Chief Operating Officers, Ranieri de Marchis, currently Head of Internal Audit, and Francesco Giordano, currently Chief Financial Officer of HVB, who will both report to the CEO. Their explicit brief will be to transform the operating model of the Group, to reduce costs, streamline and simplify processes and procedures and to instill greater accountability and transparency at all levels.
de Marchis will take charge of IT and operational activities, security and internal control systems, whilst Mr Giordano will have specific responsibility for cost management, purchasing, real estate and all finance functions. The latter will be lead by Mirko Bianchi, currently CFO of UniCredit Bank Austria, who becomes Group CFO. Ranieri de Marchis and Francesco Giordano will jointly supervise the strategic planning and rationalization of the IT development program, working closely with the different operational units to respond to business critical needs.
Also reporting directly to the CEO is Marina Natale, who will head the Strategy and M&A team for the period of the strategic review.
Gianfranco Bisagni and Olivier Khayat, currently Deputy co-Heads of the CIB division are promoted to co-Heads of CIB, which will continue its successful development and reinforce its European leadership in capital markets and global transaction banking. Gianfranco Bisagni and Olivier Khayat will keep on reporting to GianniFranco Papa.
All the above appointments will become effective on 1 September 2016.
As previously announced TJ Lim, previously Global Head of Markets, has been appointed Group Deputy Risk Officer to ensure a proactive approach to the management of UniCredit's non-core credit portfolio. Mr Lim is reporting to Massimiliano Fossati, UniCredit Group Chief Risk Officer.
Gabriele Piccini will be stepping down from his role as head of Italy and take up another position within the Group.
Copyright RTT News/dpa-AFX