Chairman of Italy's UniCredit Fabrizio Saccomanni dies suddenly at 76

Fabrizio Saccomanni, chairman of Italy's biggest bank UniCredit and a former Italian economy minister, has died suddenly at the age of 76.

UniCredit announced the death of Saccomanni on Thursday, only a day after the former deputy governor of the Bank of Italy attended the bank's results presentation in Milan. "I have lost a friend of great intelligence and humanity, highly competent with a fine sense of culture and wit," UniCredit Chief Executive Jean Pierre Mustier said.

Saccomanni was appointed the chairman of UniCredit's board, a non-executive role, in April last year as part of measures taken to improve corporate governance. The bank has been run by Mustier, a Frenchman, since July 2016. "Our daily interactions were both stimulating and intellectually challenging. UniCredit has also lost a chairman who expertly guided the board through a period of intensive challenges, always maintaining a clear strategic vision and a strong sense of direction," Mustier added in a statement.

Deputy Chairman Cesare Bison will take on Saccomanni's role pending the appointment of a new chairman, the bank said.