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UniCredit plans to increase CEO Orcel's pay by 30%, source says

March 01, 2023 at 01:16 pm EST

MILAN (Reuters) - UniCredit will put to a shareholder vote a proposal by its board to raise the compensation of Chief Executive Andrea Orcel by 30%, a person with knowledge of the matter said on Wednesday.

With a pay package worth up to 7.5 million euros ($8 million) a year, Orcel was already among Europe's best paid banking executives. The board said last year it would review the CEO's compensation on the basis of 2022 earnings.

Since Orcel's arrival in April 2021, UniCredit's share price has more than doubled, adding nearly 20 billion euros to the bank's market value and ensuring its return this week into the euro zone's blue-chip index Euro Stoxx 50 after seven years.

($1 = 0.9369 euros)

(Reporting by Valentina Za; Editing by Keith Weir)

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
UNICREDIT S.P.A.	35.48 EUR	+2.00%	+0.58%	63.7B
AUSTRALIAN DOLLAR / EURO	0.6108 EUR	+0.49%	+1.23%	-
BRITISH POUND / EURO	1.168 EUR	+0.17%	-0.03%	-
INDIAN RUPEE / EURO	0.0112 EUR	0.00%	0.00%	-
CANADIAN DOLLAR / EURO	0.6841 EUR	-0.03%	+0.18%	-
US DOLLAR / EURO	0.9353 EUR	+0.32%	-0.46%	-
EURO STOXX 50	5,007 PTS	+1.37%	+1.80%	-

Andrea Orcel

Mr. Andrea Orcel is Chief Executive Officer at UBS AG (London Branch) and UBS Ltd., and President-Investment Bank at UBS Group AG. He is on the Board of Directors at UBS Ltd. and UBS Americas Holding LLC. He became a member of UBS Group Executive Board in July 2012 and was co-CEO of the Investment Bank from July to November 2012. In January 2016, he was appointed Senior Officer Outside of Australia for UBS Australia Branch, and since December 2014, he has additionally held the position as Chief Executive for UBS Limited and UBS AG London Branch. He joined UBS from Bank of America Merrill Lynch, where he had been Executive Chairman Investment Bank since 2009, President of Emerging Markets (excluding Asia) since 2010 and CEO of European Card Services since 2011. Prior to the acquisition of Merrill Lynch by Bank of America, Mr. Orcel was a member of Merrill Lynch’s global management committee and Head of Global Origination, which combined Investment Banking and Capital Markets. He held a number of other leadership positions, including President of Global Markets & Investment Banking for Europe, Middle East and Africa (EMEA) and Head of EMEA Origination beginning in 2004. Between 2003 and 2007, he led the Global Financial Institutions Group, of which he had been part since joining Merrill Lynch in 1992. Mr. Orcel holds an MBA from INSEAD and a degree in Economics and Commerce, summa cum laude, from the University of Rome.

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Linked companies
UniCredit Bank GmbH UniCredit Bank GmbH Regional BanksFinance UniCredit Bank AG provides banking services. It offers banking and financial products to corporate as well as public and private sector clients. The company operates through three segments: Commercial Banking, Corporate & Investment Banking and Other/Consolidation. The Commercial Banking segment offers consumer loans, mortgage loans, savings-and-loan and insurance products and banking services for retail customers. The corporate & Investment Banking segment operates through three divisions HVB, UniCredit Bank Austria AG and UniCredit spa. The other/consolidation segment encompasses the chief operating office business unit, activities of the group corporate center business unit and consolidation effects. The company was founded on July 1, 1869 and is headquartered in Munich, Germany.	Chairman
UNICREDIT S.P.A.	Chief Executive Officer

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