Breakingviews - Capital Calls: Euronext starts speaking Italian

The Euronext logo is seen at the financial and business district of La Defense, amid the outbreak of the coronavirus disease (COVID-19), in Paris, France, November 10, 2020.

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DEAL SEALED. Euronext is starting to speak with an Italian accent. Piero Novelli is stepping down as co-head of investment banking at UBS to become chairman of the supervisory board at the pan-European stock exchange operator. The move will partly fulfil a governance deal Chief Executive Stéphane Boujnah crafted with Rome when he sealed his 4.3 billion euro swoop on Milan-based Borsa Italiana. That involved giving the chairmanship to an independent Italian national.

Novelli, who took joint charge of UBS’s investment bank with Robert Karofsky when Andrea Orcel quit in 2018, fits the bill. Under his tenure, the Swiss bank’s share of global investment banking fees remained roughly stable at 2.3% despite choppy financial waters, according to Dealogic. The next step for Boujnah is to allow state-controlled Italian fund Cassa Depositi e Prestiti to pick a supervisory board director. It’s a relatively small price to pay for greater market dominance. (By Lisa Jucca)


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