Head of UniCredit Sicily Unit Resigns

MILAN | Tue Jan 22, 2008 1:01am EST

MILAN (Reuters) - The chairman of UniCredit's (CRDI.MI) unruly Banco di Sicilia unit has resigned, easing the way for its integration into the bank, UniCredit said on Monday.

Chairman Salvatore Mancuso will be replaced by the unit's vice chairman, Roberto Nicastro, until the next shareholder meeting, UniCredit, Europe's third-biggest bank, said in a statement.

The resignation is part of a "solution for the better integration of the Banco di Sicilia into the UniCredit Group," the statement said.

Banco di Sicilia was part of Capitalia bank, bought by UniCredit last year. The unit this month had challenged its new Milan-based owner by refusing to endorse UniCredit-appointed executives, a breach of corporate governance rules.

UniCredit last week agreed to raise the limit for loans to Sicilian businesses but kept the right to name a majority of the unit's board members.

As part of a Banco di Sicilia board meeting on Wednesday, Chief Executive Beniamino Anselmi will resign and be replaced by board member Roberto Bertola, UniCredit said.

Director General Giuseppe Lopes also will resign and will be replaced by a candidate from inside the local unit.

(Reporting by Ian Simpson; Editing by Paul Bolding)

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