By Giulia Petroni

UniCredit SpA said Wednesday that it has nominated Andrea Orcel as its new chief executive officer, ending a monthslong research to replace Jean Pierre Mustier.

The Italian bank said the appointment will be confirmed upon approval at the upcoming annual general meeting on April 15.

The nomination marks the return of one of Europe's best-known bankers to the top tier of the sector in the midst of the coronavirus pandemic and a prolonged period of negative interest rates.

Mr. Orcel left his role as the head of investment banking at UBS Group AG in 2018 after Banco Santander SA's executive chairman Ana Botin offered him the CEO position only to cancel it months later. Mr. Orcel is suing the Spanish bank for 100 million euros ($121.5 million).

He succeeds Mr. Mustier, who previously announced he would step down at the end of his term in April after clashing with the board over future strategy.

UniCredit said that, following the AGM, the appointment of all board members will be submitted to the European Central Bank.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

January 27, 2021 13:06 ET (18:06 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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