Gadhia last month took on the chairmanship of digital wealth manager Moneyfarm, replacing co-founder Paolo Galvani to work alongside CEO and co-founder Giovanni Daprà.

Gadhia was at the helm of Virgin Money, the digital bank of Britain's Virgin group, for more than a decade until its listing in 2018.

UniCredit said Gadhia had decided to step down "due to a new commitment" and would remain as an adviser to the bank.

UniCredit's current board comes up for renewal in spring 2024.

(Reporting by Valentina Za; Editing by Kirsten Donovan)