By Cecilia Butini

UniCredit SpA said Tuesday that it has created a wealth management and private banking division in Italy.

The bank said Stefano Vecchi will lead the new division from Oct. 1 and that his role will be head of wealth management and private banking Italy.

Mr. Vecchi will report directly to Niccolo Ubertalli, who is head of UniCredit Italy. The wealth management and private banking network under Mr. Vecchi's supervision will serve over 140,000 clients with more than 100 billion euros ($116.96 billion) of assets.

In addition to private banking and wealth management, the bank's ultra-high-net-worth families and family holdings businesses will also report directly to Mr. Vecchi.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

September 28, 2021 09:39 ET (13:39 GMT)

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