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Exor proposes Mastercard's Ajay Banga as independent board member

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MILAN, April 22 (Reuters) - Exor has proposed Mastercard Executive Chairman Ajay Banga as an independent board member, the holding company of Italy's Agnelli family said in a document seen by Reuters on Thursday.

Banga's "experience and expertise will be complementary to that of the other board members", Exor said in a corporate document prepared for its May 27 shareholder meeting.

The appointment of India-born Banga for a two-year term will have to be approved by Exor shareholders.

The news was initially reported by Italian daily MF.

After buying a 24% stake in luxury shoemaker Christian Louboutin last month for 541 million euros, Exor - which is the largest single shareholder in carmaker Stellantis and has controlling stakes in companies including luxury carmaker Ferrari - has a coffer of about 2.5 billion euros ($3 billion) ready for acquisitions from now to 2023.

However, a source close to the company, said Banga's appointment to Exor board did not necessarily mean that it would soon make an investment in the fintech industry.

"The choice was primarily based on Banga's wide international expertise," the source said.

($1 = 0.8305 euros) (Reporting by Giulio Piovaccari; editing by David Evans)