Alessandro Profumo’s 13-year tenure at the helm of UniCredit ended in acrimony yesterday after one dispute too many with the bank’s powerful shareholders, the foundations that have close connections to Italy’s political establishment.
The latest controversy centred on the growing influence of two Libyan institutions – the country’s sovereign wealth fund and its central bank – on UniCredit. Encouraged by Profumo to provide capital to the bank, the two Libyan institutions own a combined 7.4% stake in UniCredit, making them the biggest shareholders.
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