UniCredit Chief Risk Officer to Depart in Reorganization
September 22 2017 - 05:25AM
Dow Jones News
By Pietro Lombardi
UniCredit SpA (UCG.MI) said late Thursday that its chief risk
officer would leave the company as part of a reorganization of the
bank's risk-management activities.
Effective Oct. 1, the Italian lender will split its
risk-management and credit activities into two distinct areas. As
part of the overhaul, Massimiliano Fossati, the bank's chief risk
officer, is stepping down.
Separately, the bank said it had taken steps to simplify its
share-capital structure and improve corporate governance.
The board of directors approved the removal of the 5% limit on
voting rights, which the bank said would ensure the voting system
is proportional to capital invested. It approved the conversion of
its 252,489 savings shares into ordinary shares in order to
simplify the capital structure.
The initiatives, which need shareholder approval, also include
transfering UniCredit's registered office from Rome to Milan, and
giving the board the ability to present its own candidates for the
election of directors.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
September 22, 2017 05:10 ET (09:10 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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