Top Ferrari Official to Add Bank Vice Chair Duties

Italy's largest bank, Unicredit SpA, says Luca Cordero di Montezemolo, chairman of Fiat SpA's Ferrari unit, it set to become one of the bank's three vice chairmen.

Unicredit's board will vote next week on the appointment, which would not affect Montezemolo's job at Ferrari.

Montezemolo would replace Khadem Al Qubaisi, chairman of Abu Dhabi's sovereign wealth fund Aabar Investments, who resigned from Unicredit earlier this month. Aabar is the bank's largest shareholder with a 6.5% stake.

Montezemolo is already a member of UniCredit's board as a representative of Aabar.