November 16, 2017 / 5:47 PM / a year ago

MOVES-Diederich to head UniCredit Germany after Weimer exit

LONDON, Nov 16 (IFR) - UniCredit has appointed Michael Diederich as chief executive of HypoVereinsbank, its principal German subsidiary, after his predecessor Theodor Weimer was appointed chief executive of Deutsche Boerse earlier on Thursday.

Diederich, who until now was head of UniCredit’s German corporate and investment banking, will also take on Weimer’s role as country chairman for Germany. Weimer is to leave his current post at the end of the year, when Deutsche Boerse CEO Carsten Kengeter steps down.

Diederich will remain in charge of CIB activities in Germany until a replacement is found. He started in his current position when rejoining UniCredit in 2015 after a brief spell as chief executive in Germany for trade credit insurer Euler Hermes.

Kengeter, who was previously head of UBS’s investment bank, resigned in October. He failed in an attempt to take over the London Stock Exchange, which was withdrawn at the end of March, and has also been distracted by accusations of insider trading ahead of the deal’s announcement, which he has denied.

Weimer had been at UniCredit for 10 years. Before heading the German business he had been in charge of global investment banking. Before joining the bank in 2007 he worked at Goldman Sachs for six years.

His initial contract at the German exchange operator is for three years. (Reporting by Christopher Spink)

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