Business & Finance (Herald Tribune)

IntesaBCI named Pierfrancesco Saviotti to head lending and credit control at Italy’s biggest bank, which set aside € 35 billion last year for losses from Latin America and Enron
Saviotti was formely CEO of Banca Commerciale, which Intesa bought in 1999 for € 99 billion. IntesaBCI, which is shuffing directors and cutting costs after the purchase said it appointed three other executives. Francesco Micheli wil head human resources, Stefano Lucchini will handle external communications, and Gaetano Micchichè, former CEO of textile Olcese, will join the investment banking division.
The management changes are the first since Corrado Passera took over as CEO in March. Known for returning that Italian postal service to profit, Passera was brought in to improve efficiency and speed cost cutting at the Milan-based bank.
Costs at IntesaBCI at the end of 2001 accounted for 68 percent of income compared with a ratio of 56 percent at Unicredito Italiano
Saviotti quit Banca Commerciale in 1999 after opposing a Mediobanca-backed plan for a merger with Banca di Roma Saviotti favored a rival offert form Unicredito.