Italian bank UniCredit has appointed Stefano Vecchi as head of Wealth Management Italy and also as a member of the Group's wealth management executive committee.
As head of wealth management, Vecchi will be responsible for ensuring the supervision of the Italian wealth management activities.
UniCredit's new head of wealth management has also been temporarily appointed as a member of Cordusio Sim's board of directors until becoming its CEO as of March 2020. Until that date, Vecchi will be working alongside Cordusio Sim's CEO Paolo Langé, who will become chairman of the board of directors when Vecchi succeeds him. "This ensures an optimal business transition until March 2020, when Vecchi will succeed Langé as CEO, who will become chairman of the board of directors of Cordusio Sim," said UniCredit in a note.
The company added: "Thanks to his consolidated professional experience, Stefano Vecchi will contribute significantly to strengthen the position of UniCredit Wealth Management in Italy which, with a strong presence also in Germany and Austria, aims to become one of the European industry's top players."
Vecchi joins the Italian bank from Credit Suisse Italy, where he was head of private banking and CEO of Credit Suisse SpA. He joined Credit Suisse Italy in 2011, responsible for the North East Region before being appointed head of Advisory and Sales for Italy and Monaco markets, also supervising the Credit Suisse M&A transactions in Italy. He had previously worked for more than 10 years at UBS private banking.
Marco Bizzozero, CEO of Group Wealth Management said: "Vecchi's arrival represents a decisive step in our journey to become one of the wealth management leading players in Europe. His expertise, his solid professional experience and his leadership will allow us to further strengthen our growth strategy in Italy, which began with the crucial contribution of Paolo Langé, who, in few years, managed to position Cordusio Sim as one of the leading players in the country for wealth management."
Paolo Langé, CEO of Cordusio Sim, added: "I am very happy that we have identified a person of such great substance and potential as Stefano, who will succeed me at the helm of Cordusio. I am pleased that we will work together in the coming months to ensure a smooth transition, ensuring continuity for our customers to make Cordusio even stronger, also in my role as Chairman in the future. I wish Stefano every success in his new position."