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UniCredit could join top euro zone index, Deutsche Bank out - SG

FILE PHOTO: Unicredit bank logo is seen on a banner downtown Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini/File Photo GLOBAL BUSINESS WEEK AHEAD. SEARCH GLOBAL BUSINESS 5 FEB FOR ALL IMAGES - RC1116B19CA0

MILAN (Reuters) - UniCredit could join an index of top 50 eurozone companies <.STOXX50E> from September and Deutsche Bank (DBKGn.DE) could leave, Societe Generale analysts said, an addition that underscores the successful restructuring of the Italian lender.

UniCredit (CRDI.MI) is forging ahead in a turnaround under CEO Jean Pierre Mustier after raising 13 billion euros (11.43 billion pounds) from investors last year to clean up its balance sheet.

Even though shares in the Italian lender have fallen 6.8 percent so far this year, they have outperformed the broader banking sector (.SX7E) and have nearly doubled in value from an all-time low hit two years ago.

An inclusion in the EURO STOXX 50 could help attract new investors who track indexes as an strategy. The EURO STOXX 50 index's annual reshuffle could instead see the exit of German lender Deutsche Bank (DBKGn.DE), whose shares hit a record low last month and are still down 34 percent year-to-date despite a surprise earnings forecast upgrade last week.

Analysts at the French bank also said luxury group Kering (PRTP.PA), IT services firm Amadeus (AMA.MC), as well as industrial gases group Linde (LING.DE) could join the index, while building materials company Saint-Gobain (SGOB.PA), utility E.ON (EONGn.DE) and media group Vivendi (VIV.PA) could leave.

They said Linde will not join the index if its agreed merger with US peer Praxair (PX.N) goes ahead by the end of the review period in August. Vivendi's deletion is subordinated to the entry of Linde, they added.

(Reporting by Danilo Masoni, editing by Louise Heavens)