UniCredit Factoring, a Milan-based working capital solution provider that is part of the UniCredit Group, has appointed Simone Del Guerra as its new chief executive.

Del Guerra was previously UniCredit’s global head of financial institutions cash and trade sales, a position he held since October 2017, and has held several other positions within the group since joining in 2010 as head of vendors for UniCredit Leasing’s Italian division.

He replaces Roberto Fiorini as CEO. The company has not yet announced Fiorini’s next role but says it will be “a new important position within the UniCredit Group”.

Maurizio Guerzoni, chairman of the board of directors at UniCredit Factoring, says Del Guerra’s appointment “will both strengthen our business and reinforce our leadership of the Italian factoring market”.

Founded in Italy in 1972, UniCredit Factoring had a turnover of more than €64bn last year. Supporting corporates in optimising working capital, it is described as “an integral part” of the group’s corporate and investment banking division.