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UniCredit Group CEO Federico Ghizzoni decided to resign

25.05.2016

On May 24, 2016 the UniCredit Board of Directors and Federico Ghizzoni acknowledged that the conditions are now such that it is time for a change at the top of the Group. Federico

Ghizzoni has expressed his willingness to work with the Chairman to find an agreement to terminate his contract to be submitted to the relevant bodies for approval, in full compliance with the applicable laws and regulations. Mr Ghizzoni has agreed to stay in office until such time as his successor is appointed and to provide all necessary support during the transition stage.

The Board of Directors has consequently empowered the Chairman to initiate the CEO succession process.

The Board of Directors unanimously thanked Federico Ghizzoni for the high quality of his work in the interests of the UniCredit Group, its shareholders and employees. The Board also expressed its genuine appreciation for the great skill and dedication with which he led the bank under extremely challenging market conditions.

 

NOTE

Ukrsotsbank is one of the largest universal banks of Ukraine, operating in the local market since 1990. The bank offers full range of services to individuals and corporate clients.

The renovated Ukrsotsbank emerged on 31 October 2016 as a result of strategic deal whereby 99.9% of Ukrsotsbank shares have been transferred from UniCredit Group to ABH Holdings S.A. (АВНН) in exchange for a minority 9.9% stake in ABHH. Thus, the bank has combined 26-year-old traditions of Ukrsotsbank’s client-centric attitude, European quality of service inherent to UniCredit, as well as international banking expertise of ABHH in a number of European countries including CIS. Thanks to the successful synthesis and synergy of the two assets of ABHH in Ukraine, Ukrsotsbank and Alfa-Bank, the banking market of Ukraine will see the rise of a new stronger financial institution. This, in turn, will spur up technological advance, increase efficiency, improve quality of service for the clients, reduce cost of banking services whereas their range will inevitably expand.

The extensive retail network of Ukrsotsbank consists of 237 branches, its headcount reaching nearly 5 thousand employees.


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