UniCredit unites all Italian business services under one roof


The head office of UniCredit bank is seen in downtown Milan, Italy, February 8, 2016. REUTERS/Stefano Rellandini

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MILAN, Feb 21 (Reuters) – UniCredit (CRDI.MI) is reorganizing its structure so that all domestic businesses, from small businesses to large multinationals, are managed by a single division, Italy’s second-largest bank said on Monday.

UniCredit said the aim was to give small businesses access to products and services developed by its business solutions division, such as consulting or access to capital markets.

The new streamlined structure will be led by Massimiliano Mastalia, who joined the group in November after previous roles at BNL, the Italian arm of BNP Paribas (BNPP.PA), and as co-founder of instant lending fintech Prestatech .

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Under the previous setup, UniCredit’s Italian corporate division served companies with revenues of at least 5 million euros ($5.7 million).

Small businesses belonged, like individuals, to the retail division of the bank, while very large businesses belonged to the investment banking branch.

Italian companies are generally very small. 98% of companies have less than 10 employees.

Reporting to Mastalia, Francesco Iannella will lead the small business segment for companies with a turnover not exceeding 50 million euros.

Lucio Izzi will be in charge of companies with up to 1 billion euros in turnover as head of companies, and Monica Campilongo of large Italian companies.

“One of the priorities of the new corporate function led by Massimiliano Mastalia is to support innovation and the sustainable transformation of companies’ business models,” Unicredit said. ($1 = 0.8821 euros)

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Reporting by Valentina Za Editing by Keith Weir

Our standards: The Thomson Reuters Trust Principles.


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