The new division will cater to UniCredit’s more than 140,000 clients with over $117bn in assets. Credit: Daniel Case / Wikimedia Commons.

UniCredit has established a dedicated wealth management and private banking (WM & PB) division in Italy.

The banking group has appointed Stefano Vecchi to lead the new division, which will cater to more than 140,000 clients with over $117bn (€100bn) in assets.

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Vecchi will be responsible for UniCredit’s private banking, wealth management as well as ultra-high-net-worth (UHNW) families and family holdings in Italy.

He will manage a team of over 1,400 employees, half of whom are relationship managers spread around 132 Italian cities.

Additionally, UniCredit’s Italian Investment Management, Investment Services, and Investment Products functions will report to Vecchi and to the Corporate and Investment Banking division, headed by Richard Burton.

Vecchi will work under UniCredit Italy chief Niccolò Ubertalli.

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Commenting on the development, Ubertalli said: “By creating a dedicated WM & PB division, the group confirms its attention to the management of HNW and UHNW clients looking for highly personalised services management embedded in the unique offering of a Pan European commercial bank.”

“Stefano Vecchi has a longstanding experience as a top manager in the best companies in the industry. I am confident that his professionalism and deep knowledge of the wealth industry will continue to be key asset for the division and will help us thrive as a bank.”

UniCredit plans to replicate the Italian model in other European countries in a bid to scale up its WM & PB business.

Vecchi will also work to accelerate the adoption of this new business setup across UniCredit’s pan-European network.

Meanwhile, UniCredit WM & PB head Mirko Bianchi is set to leave the firm to pursue new opportunities outside of the group, Reuters reported citing a memo sent by Ubertalli to the staff.

Bianchi who has been with UniCredit for 12 years, has held key roles including that of CFO.