Intesa chooses new chief exec

INTESA Sanpaolo yesterday picked a top manager at insurance group Allianz as its new chief executive to steer Italy’s biggest retail bank through a worsening sovereign debt crisis that has reduced its access to funding.

Enrico Cucchiani, head of Allianz’s Italian unit, succeeds Corrado Passera, who left the bank to join Italy’s new government.

He takes the helm of Intesa at a critical juncture for Italy’s lenders, which have borne the brunt of a market sell-off since the summer.