UniCredit Chief Executive Jean Pierre Mustier is looking to speed up plans to hive off the Italian bank’s foreign assets as it prepares to appoint a new board in the spring, Reuters reported on Oct. 13, confirming an earlier report by Italian daily Il Sole 24 Ore.
UniCredit has been studying a possible separation of its domestic and foreign operations to improve funding costs for Italy’s only globally systemically relevant bank. The Italian bank on Oct. 13 appointed former Italian Finance Minister Pier Carlo Padoan to its board, and said it will nominate him as chairman next year.
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