The Milan bourse swung up 0.4%
after opening 1.2% down Thursday as banking stocks continued to
recover.
UniCredit rose 2.3% after ex-SocGen chief Jean-Pierre
Mustier was named new CEO, replacing Federico Ghizzoni who
stepped down after months of investor dissatisfaction.
Mustier is the former investment banking chief at
UniCredit, Italy's biggest bank by assets. He will officially
take office on July 12.
Mustier, 55, began his career at Société Générale where he
held various positions, primarily within the corporate &
investment banking division from 1987 to 2009.
In 2003 he was appointed head of Société Générale's
corporate & investment banking division and member of the bank's
executive committee.
Afterwards, from 2011 to 2014, he joined UniCredit Group as
deputy general manager and head of the corporate & investment
banking division.
Currently he is a partner at Tikehau Capital, an investment
management company and member of the board of directors of
Alitalia, according to a statement.
His appointment will be subject to an assessment by the
European Central Bank (ECB), in line with current regulations.
UniCredit stocks climbed to 1.97 euros, bringing with it
Intesa stocks, which rose by 0.79%, as well as BPM (+2.17%) and
Banco Popolare (+1.02%), which in the early morning had been
dropping sharply.
Still weak are MPS (-3.4%), UBI (-0.96%) and Carige
(-3.16%).
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