Libya in August increased its stake in the bank, causing prominent shareholders to lose confidence in Uncredit's then-chief executive, Alessandro Profumo. The Milan-based CEO resigned from his post in September, ahead of a board meeting.
According to a filing with Italian stock-market regulator Consob, the Libyan Investment Authority, the North African country's sovereign wealth fund, boosted its UniCredit stake to 2.6 percent from 2.1 percent as of 31 Aug.
This is on top of the almost 5 percent of the bank in the hands of the Central Bank of Libya.
Critics have questioned whether the Libyan Investment Authority and the Central Bank of Libya - both state-owned - are really distinct entities.