Abu Dhabi fund to take 2 seats on UniCredit board

Abu Dhabi investment vehicle Aabar, UniCredit's biggest single shareholder, will have two seats in the Italian bank's new, slimmed-down board, according to a list of board nominees presented on Monday.

The new board will have 19 members, down from 23. Aabar, which has a 6.5 percent stake in UniCredit, said its chairman, Kadem Abdulla al-Qubaisi, and Ferrari Chairman Luca Cordero di Montezemolo would be its representatives.

The bank's core foundation shareholders have named seven board members as they seek to keep their grip on Italy's biggest bank by assets.

Libya's central bank and the Libyan Investment Authority, which have cut their combined stake in the bank to around 4 percent after a capital increase in January, will no longer be represented on the board.

The appointments will be formally made at a shareholder meeting next month.

The list of board members includes Giuseppe Vita, former head of German insurer Allianz in Italy, who was appointed UniCredit's new chairman last week, as well as CEO Federico Ghizzoni.

(Source: Reuters)

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