The Extraordinary General Assembly of UniCredit Luxembourg S.A. (UCL) approved on August 30th, 2012 new by-laws for the bank as well as some changes to its Management.

In order to have a clear segregation between the day-to-day management and the control/supervision of the bank, UCL introduced a Two Tier Board Model, with a new Corporate Governance organized via a Management Board and a Supervisory Board.

Through the introduction of the new system, UCL plans to enlarge the role of the local management, while ensuring an efficient supervision and control system aligned with the complex challenges currently faced in the financial sector. The two Governance Bodies of the bank will collectively strengthen the overall steering capability.

The new Management Board will be composed by Mr. Angelo Brizi and Dr. Kathrin Kerls as Co-CEO’s, Dr. Joachim Beckert as General Manager and Chief Operating Officer, and Mr. Giovanni Giallombardo as General Manager.

Dr. Kerls joined UCL effective September 1st, 2012. She is a UniCredit Group Senior Vice President and was until now Head of Sales Management Family & SME at UniCredit Bank AG Germany. Dr. Kerls is an experienced manager, who developed a diversified professional knowledge serving in senior positions at Dresdner Bank AG and at HVB/UniCredit Bank AG, reporting to Board Members.

Mr. Brizi, CEO of UCL since October 2008, will take over new responsibilities within the UniCredit Group. He will therefore leave his current position in the coming months, after having ensured proper handover.

Dr. Beckert and Mr. Giallombardo will retain the top management positions they held until now in the Bank’s Management Committee.

In line with the new organizational set up of UniCredit, the new Supervisory Board of UCL will be composed by UniCredit Bank AG Management Board members, having direct responsibility for the specific businesses conducted by UCL and by one independent member.

The following persons were elected to the Supervisory Board:

- Dr. Theodor Weimer, President
(Spokesman Management Board UniCredit Bank AG )
- Mr. Andrea Varese, Vice President
(Member Management Board UniCredit Bank AG, Chief Risk Officer)
- Mr. Jacques Santer, member
- Mr. Lutz Diederichs, member
(Member Management Board UniCredit Bank AG, Corporate & Investment Banking)
- Mr. Jürgen Danzmayr, member
(Member Management Board UniCredit Bank AG, Private Banking)