MILAN, Nov 26 (Reuters) - Italian bank Creval said it would pick advisers to support its board regarding an "unexpected and not previously agreed" buyout offer from Credit Agricole.

In a statement late on Wednesday, Creval said its board had met to discuss the bid and given the chief executive a mandate to select financial and legal advisers in agreement with the chairman.

On Monday, France's second-largest bank said it would offer 10.5 euros for each Creval share to double its market share in the wealthy Lombardy region and strengthen its position as Italy's sixth-largest bank.

In a sign the market is betting on a possible increase in the bid price, Creval shares closed at 11.35 euros on Wednesday. (Reporting by Andrea Mandala; Editing by Valentina Za and Clarence Fernandez)