UniCredit new chair

UNICREDIT, Italy’s biggest bank, has named Giuseppe Vita as its new chairman, replacing outgoing German chairman Dieter Rampl.

Vita, who is also the chairman of Allianz in Italy, is believed to have been chosen because of his long career at German companies, meaning he has good contacts in Frankfurt.

The change of leadership, which will be voted on by shareholders in May, comes after a turbulent rights offering by the bank early this year that saw its value plunge.