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Unicredit to meet on reorganisation in Dec

Source: Reuters - Mon 23rd Nov 2009

Italian bank UniCredit's board will meet on Dec. 15 to start a reorganisation of its Italian business, a source close to the bank said on Monday.

Executives for Italy's largest bank met earlier this month to discuss slimming down the company's corporate structure, sources close to the matter said.

Chief executive Alessandro Profumo has long wanted to streamline operations in Italy, one of the sources said, adding:"The board will meet to discuss the launch of the plan and will give the mandate for a feasibility analysis".

The plan will integrate UniCredit Banca, Banca di Roma, Banco di Sicilia, private banking, and corporate banking into the group holding, according to reports.

The source said the results of the study should be presented in mid-March at the same time as 2009 results.

Last week, UniCredit shareholders approved a rights issue of up to 4 billion euros ($6 billion) aimed at shoring up capital ratios.

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