November 8, 2017 / 3:44 PM / a year ago

UniCredit says to name former minister Saccomanni as chairman

MILAN, Nov 8 (Reuters) - Italy’s biggest bank UniCredit said on Wednesday it would appoint former Italian Finance Minister Fabrizio Saccomanni as chairman next year.

UniCredit said in a statement board member Fabrizio Palenzona was stepping down to make room for Saccomanni on the board as part of the bank’s ongoing corporate governance review.

“UniCredit is ... working towards establishing an international best in class corporate governance profile and creating a board which remains commensurate with the group’s status as Italy’s only Globally-Systemically Important Financial Institution,” the bank said.

Saccomannni will play an active role in picking candidates that the current board of UniCredit will present for its renewal at the 2018 Annual General Meeting, the bank said. (Reporting by Valentina Za, editing by Francesca Landini)

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