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Stock market operator Euronext hires UBS' Novelli as new chairman

·1-min read
The coronavirus disease (COVID-19) outbreak, in Paris

PARIS (Reuters) - Euronext has hired Piero Novelli, a co-president at Swiss bank UBS, to become its new chairman, the pan-European stock market operator said on onday.

Novelli has been co-president of Investment Bank of UBS and a member of UBS' executive board since October 2018, Euronext said, adding that Novelli has also advised many Italian companies on major deals.

Euronext, which aims to close its 4.3 billion euro ($5.22 billion) acquisition of Borsa Italiana from the London Stock Exchange in the first half of 2021, reported higher-than-expected annual revenue earlier this month.

Growing income from listings, trading and clearing activities after some acquisitions helped boost the company's annual numbers.

Data published this month also showed that Euronext's Amsterdam hub had displaced London as Europe's biggest share trading centre after Britain left the European Union's single market following the Brexit deal.

(This story has been refiled to correct typographical error and stock ticker reference for UBS in 1st paragraph)

(Reporting by Sudip Kar-Gupta; Editing by Kim Coghill and Sherry Jacob-Phillips)