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Italian banks rejig top brass as stocks stagnate

CFO leaves MPS for UniCredit after new chairman arrives; lack of buyers stymies M&A.

There have been more senior banking reshuffles in Italy, as the sector continues to struggle to attract investors. Bernardo Mingrone, formerly chief financial officer and deputy general manager at Monte dei Paschi di Siena (MPS), has joined UniCredit as chief financial officer.

The CFO job at Italy’s biggest bank became vacant with the departure of Roberto Nicastro, a senior figure at UniCredit since the early 2000s, who helped the bank build its network in central and eastern Europe. UniCredit announced Nicastro’s departure with second half results; it was effective October 1.

Unicredit's Chief executive Federico Ghizzoni

Federico Ghizzoni, UniCredit, is overseeing the changes at the top

Federico Ghizzoni, UniCredit’s chief executive since 2010, is doing away with Nicastro’s role of group general manager, although former CFO Marina Natale has been promoted to deputy general manager, overseeing asset management. Ghizzoni replaced chief risk officer Alessandro Decio with Massimiliano Fossati, the former CRO for Italian commercial banking, at the same time.

MPS, Italy’s third biggest bank, has promoted Arturo Betunio – former head of administration, budget and financial reporting officer – to replace Mingrone as CFO.

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