January 13, 2009 / 7:50 PM / 10 years ago

Holders won't change UniCredit board size - source

TURIN, Italy, Jan 13 (Reuters) - Shareholder foundations at UniCredit SpA (CRDI.MI) think the size of the Italian bank’s board should remain unchanged after Libya became the No. 2 shareholder, a source close to a foundation said on Tuesday.

A nominating committee is expected to lay out criteria next Tuesday for dividing up the 23 seats on the board of Italy’s second-biggest bank, Il Messaggero newspaper said.

A UniCredit spokesman could not confirm the date.

The three biggest Italian shareholders at UniCredit — foundations Cariverona, CRT and Carimonte — met on Monday. CRT’s chairman said they discussed the number of directors at the bank and its units ahead of the next shareholder assembly.

The source, who is close to CRT, said: “Yesterday’s meeting was oriented toward maintaining the size of the board at its current level.”

The foundations’ guidance also affects the make-up of boards at UniCredit units, the source said.

Libya’s Central Bank raised its stake in UniCredit to 4.23 percent in October to become the No. 2 shareholder. It has since come to own 4.63 percent.

Cariverona has just over 5 percent of UniCredit, with CRT at 3.88 percent and Carimonte at 3.35 percent.

Newspapers have reported that Cariverona, CRT and Carimonte should keep their current number of seven board seats.

Among other shareholders, German insurer Allianz SE (ALVG.DE) has a 2.36 percent stake. (Reporting by Gianni Montani, writing by Ian Simpson, editing by Gerald E. McCormick)

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