"For sure, the scope of this project and necessity of moving forward is not disputed by anybody. It's a necessity," he was quoted as saying during a meeting in London.

Ermotti declined to comment on reports earlier this month that UniCredit's chief executive, Alessandro Profumo, had threatened to resign in the face of resistance from cash-hungry shareholder foundations to the revamp plan.

Profumo's plan, which analysts estimate could save the bank up to €800 million ($1.07 billion), would integrate UniCredit Banca, Banca di Roma, Banco di Scilia, private banking and corporate banking into the group holding.

As reported by WealthBriefing last week, the strategic committee of the bank had called on its board of directors to convene an extraordinary board meeting on the corporate revamp. The reorganisation is called One4C (One For Client).

UniCredit is looking to integrate the operations of a number of units - including private banking - into the group holding as part of a long-held desire to streamline its operations in Italy.

This is Profumo’s second clash with UniCredit’s board in less than twelve months, as he reportedly threatened resignation last year unless shareholder support was secured for a €4 billion capital increase.