Andrea Orcel, one of Europe’s most well known dealmakers, has been named as the new chief executive of Italian bank UniCredit. He will replace Jean Pierre Mustier and will formally start with the Italian lender after the bank’s annual general meeting on 15 April.

“After an intense search and a thorough evaluation process, I am pleased to report that the board has unanimously chosen Andrea Orcel as designated CEO of UniCredit”, chairman Cesare Bisoni said in a statement.

Orcel is still entangled in a lawsuit with Spanish bank Santander over its failed attempt to hire him as their own chief executive.