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NewsSeptember 28 2010

Profumo leaves UniCredit

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Alessandro Profumo, UniCredit's CEO, has quit after controversy surrounding stakes held in the bank by Libyan authorities. Chairman Dieter Rampl will take over Mr Profumo's duties on an interim basis.

The resignation comes after the Libyan Investment Authority (LIA) increased its stake in UniCredit to 2.59% from 2.08% in August 2010, raising Libya's combined holdings of UniCredit to 7.2%.

However, some board members and large shareholders complained they were not informed about the intentions of Libyan investors to raise their stake.

The Italian Ministry of Finance had asked Libya for details regarding the stakes held in the bank by the Libyan Central Bank and the LIA. The government was trying to determine whether the two investors should be viewed as separate entities or as a single shareholder, as their combined stake would violate UniCredit's statutes, which bar a shareholder from having a voting stake of more than 5%. The Libyan Central Bank has stated it operates independently from the LIA.

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