The former head of UBS' investment bank is reportedly tussling with the Swiss bank over more than $50 million in back pay in order to head for Unicredit, where is said to become CEO.

Two years after losing the top job at Santander, Andrea Orcel is poised to take the helm of Unicredit in his native Italy, according to media reports including by «Bloomberg» (behind paywall). Orcel's appointment could be confirmed this week, the outlet reported.

In order to do so, he and Santander buried the hatchet in a legal battle over the Spanish bank's dropping him as CEO, the «Financial Times» reported (behind paywall). Orcel also still has roughly $50 million in awards stowed at UBS, which he left 28 months ago in favor of Santander.

Theory Vs Reality

Whether Orcel can keep that deferred pay is still under discussion, the «FT» reported. In theory, the banker would relinquish the awards if he joined a competitor. In reality, this can be subject to interpretation – as well as apparently negotiation.

The hire would end a 28-month nomadic period for the impeccably connected Italian dealmaker, who spent his time advising as well as pursuing a legal case against Santander for dumping him. UBS' ultimately unsuccessful wrangling to keep Orcel was on full display in the unprecedented saga.

Running Afoul Of Italy

Unicredit is looking to fill the top spot after Jean-Pierre Mustier left in disagreement last month. The French banker ran afoul of the Italian government for bucking their wish for Unicredit to buy Monte dei Paschi di Siena, among other things, according to the «Financial Times» (behind paywall).

Orcel hasn't worked in banking since leaving UBS, where he was a close associate of ex-CEO Sergio Ermotti. He still has long-term stock awards stowed with the Swiss bank, which lapse if he joins a competitor – likely a major sticking point in hiring him.

Long-Standing Dealmaker

A native of Rome, Orcel will run into the Monte dei Paschi conundrum shortly into his tenure. Ironically, Orcel orchestrated Monte dei Paschi's 2007 acquisition of Antonveneta, a deal that has hounded the Siena-based bank since. 

Though Orcel spent the bulk of his career in London with Merrill Lynch, he also pitched a merger of Unicredito and Credito Italiano, according to Bloomberg. The deal created what would later become Unicredit.