UniCredit promotes Hoellinger to HVB CEO as Diederich moves to Bayern Munich

FILE PHOTO: Illustration shows Unicredit logo

MILAN (Reuters) -Italy's UniCredit said on Thursday it had picked Marion Hoellinger as chief executive of its German arm HypoVereinsbank (HVB), to replace Michael Diederich who is taking on top roles at German soccer club Bayern Munich.

Hoellinger's appointment will be effective from March 1, 2023, UniCredit said, adding Diederich would become a member of HVB's supervisory board.

Hoellinger has spent more than three decades at UniCredit, lately as head of the group's German retail and private wealth business. Last year she also became a member of the management board.

"In Marion we have a new CEO with a deep understanding of both the market and our client base," UniCredit CEO Andrea Orcel said in a statement.

Diederich has led HVB since 2018, after spending more than two decades at the bank. He joined the management board in 2015.

"I wouldn't leave HVB for just any role, but this was too big an opportunity for me to turn down, and I know that I leave the bank and its employees who make it what it is, in excellent hands with Marion," Diederich said.

The banker is set to become deputy chief executive and chief financial officer at FC Bayern Munich.

(Reporting by Valentina ZaEditing Federico Maccioni and Mark Potter)