Unicredit’s boss quits after Libyan investors increase their shareholding
According to reports, Alessandro Profumo, the chief executive of Unicredit, Italy's largest bank, has resigned. Profumo had been under pressure since Libyan investors increased a stake in the bank.
22 September 2010, 12:00am
Charlot Zahra
Charlot Zahra
1 min read
Unicredit had also been the Italian bank hardest hit by the financial crisis, adding to pressure on the man who had held the top job for 13 years.
An Italian news agency quoted Profumo's wife as confirming his resignation. The bank made no comment about the CEO’s resignation.
The outgoing CEO had faced increased boardroom opposition since the Libyan Investment Authority took a 2.6% stake in the bank over the summer.
This came on top of the Libyan Central Bank’s holding of almost 5%.
While he had denied encouraging the investment, some shareholders had feared that Profumo had been trying to marginalise them.
Italy was Libya's biggest trading partner and Tripoli owned a stake in state-controlled oil firm ENI.
Profumo's support among shareholders overall had also been undermined by earnings that had yet to shake off the effects of the financial crisis.
Profumo had overseen Unicredit's international expansion, particularly into central and eastern Europe. He was also president of the European Banking Federation in Brussels.
