Italy’s ICBPI Said to Hire UniCredit’s Bernardo Mingrone as CFO

Istituto Centrale delle Banche Popolari Italiane SpA, the Italian banking-services provider owned by private-equity firms, hired Bernardo Mingrone from UniCredit SpA as chief financial officer, according to people with knowledge of the matter.

Mingrone will reorganize and develop ICBPI to prepare for a direct sale or a listing in the next three years, said one of the people, who asked not to be identified because the decision isn’t public. The appointment will be effective Oct. 3 and Mingrone, who had the same role at UniCredit, will report to Chief Executive Officer Paolo Bertoluzzo, according to the person.

Advent International, Bain Capital and Clessidra last year bought ICBPI for 2.15 billion euros ($2.4 billion) to expand in the payments market. Advent and Bain have made more than 20 investments in businesses similar to ICBPI, including European payment and identity company Nets and Worldpay, a credit and debit card payment processing business acquired from the Royal Bank of Scotland Plc.

Representatives of UniCredit and ICBPI declined to comment.

Mingrone, 42, is leaving UniCredit amid a top management reshuffle following the appointment of Jean Pierre Mustier in July. Mingrone was previously CFO of Banca Monte dei Paschi di Siena SpA. He was also CFO of Pioneer Global Asset Management, a unit of UniCredit, and started his career in 1998 as an executive director at Lehman Brothers Holdings Inc.