Oct. 25 (Bloomberg) -- UniCredit SpA, Italy’s biggest bank, reorganized its institutional distribution to combine regional activities within equities and credit sales after hiring Jakob Groot and Michael Baptista.
Baptista, who joined the firm this month, will head cash equity sales while Steve Turner will head foreign-exchange sales, the bank said in an e-mailed statement today. Scott Eaton and Bernhard Lerchl are co-heads of credit sales.
“This initiative represents an important step towards a more product focused sales origination,” TJ Lim, UniCredit’s global head of markets, said in the statement.
UniCredit’s corporate and investment-banking business, under the leadership of Jean-Pierre Mustier, is seeking to increase commissions and market share. Italy’s biggest bank is shaking up its equities business as part of the review, people familiar with the plan said earlier this month.
Baptista, formerly at Royal Bank of Scotland Group Plc, replaces Matteo Andreetto. A spokeswoman for the bank declined to comment on Andreetto’s future role within UniCredit. Groot, who also formerly worked at RBS, joined in August.
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