UniCredit’s Ubertalli to Replace Vivaldi at Yapi Kredi

Niccolo Ubertalli is replacing Carlo Vivaldi later this month as deputy chief executive officer and executive director of Istanbul’s Yapi Kredi, which is part-owned by Italy’s UniCredit SpA, three people with knowledge of the matter said.

The people asked not to be identified as approval of the appointment hasn’t yet been made official. The bank announced in a public filing on Jan. 19 that it sought to appoint Ubertalli to Yapi Kredi’s board, barring regulatory objections.

Ubertalli is currently first deputy chairman of UniCredit SpA’s Romanian subsidiaries and joined the Milan-based lender in 2002, according to the website of UniCredit Tiriac Bank. Vivaldi will become head of the Italian bank’s central and eastern European businesses on Feb. 16.

Ubertalli joins an institution whose loan book increased by 26 percent last year, while UniCredit’s home market struggles to escape its longest recession on record. Vivaldi said on an earnings call earlier this month that Yapi Kredi may consider a capital increase as it targets “accelerated growth.”

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