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Sovereign Wealth Funds Briefing - Categorized | Financials, Investment, People

UniCredit chief is said ready to offer resignation

Posted on 21 September 2010

From WSJ: Tensions between Alessandro Profumo, chief executive of UniCredit SpA and the board worsened in August when the Libyan Investment Authority, Libya’s sovereign-wealth fund, disclosed that it had purchased a 2% stake in the bank on Milan’s stock exchange.
On Aug. 31, the sovereign-wealth fund acquired another 0.5% of the Italian lender, according to a filing posted Monday on Italy’s market watchdog website. That stake, combined with a 4.9% stake held by the Central Bank of Libya, made Libyan institutions the biggest shareholders at UniCredit with a combined stake of about 7.4%……………………………………….Full Article: Source


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