UniCredit Chief Risk Officer to Depart in Reorganization

UniCredit SpA (UCG.MI) said late Thursday that its chief risk officer would leave the company as part of a reorganization of the bank's risk-management activities.

Effective Oct. 1, the Italian lender will split its risk-management and credit activities into two distinct areas. As part of the overhaul, Massimiliano Fossati, the bank's chief risk officer, is stepping down.

Separately, the bank said it had taken steps to simplify its share-capital structure and improve corporate governance.

The board of directors approved the removal of the 5% limit on voting rights, which the bank said would ensure the voting system is proportional to capital invested. It approved the conversion of its 252,489 savings shares into ordinary shares in order to simplify the capital structure.

The initiatives, which need shareholder approval, also include transfering UniCredit's registered office from Rome to Milan, and giving the board the ability to present its own candidates for the election of directors.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

September 22, 2017 05:10 ET (09:10 GMT)