PARIS (Reuters) – Euronext has hired Piero Novelli, co-chairman of Swiss bank UBS, to become its new chairman, the pan-European stock market operator said on Wednesday.
Novelli has been co-chair of UBS Investment Bank and a member of UBS ‘Executive Board since October 2018, Euronext said, adding that Novelli has also advised many Italian companies on major trades.
Euronext, which aims to complete its € 4.3 billion ($ 5.22 billion) acquisition of Borsa Italiana from the London Stock Exchange in the first half of 2021, reported higher-than-expected revenue earlier this month.
Growing income from listings, trading and clearing activities after some acquisitions helped to increase the company’s annual number.
Data released this month also showed that Euronext’s Amsterdam hub had displaced London as Europe’s largest stock trading center after Britain left the European Union’s single market following the Brexit agreement.
(This story has been reformulated to correct typographical errors and stock ticker references for UBS in Section 1)
Reporting by Sudip Kar-Gupta; Clip by Kim Coghill and Sherry Jacob-Phillips
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