TJ Lim, deputy chief risk officer for UniCredit, will temporarily take on the role of chief risk officer as Missimiliano Fossati takes a sabbatical, according to a press release on the UniCredit website.

Fossati asked to time off to defend himself during an investigation by the Milan public prosecutor's office. UniCredit's press release did not divulge details about the allegations or the investigation.

Fossati will remain on staff during the sabbatical. UniCredit stated in the press release that the company feels the investigation will clear up in short time.