Former US Secretary of State Rice to advise Regions

* Rice becomes senior advisor to board, management

* Will consult on regional, global issues

* Shares down 1.98 percent to $6.45

NEW YORK, Sept 29 - Condoleezza Rice, the former U.S. Secretary of State under President George W. Bush, will advise Regions Financial Corp's board and management, the company said on Tuesday.

Rice, a Stanford University political science professor and Hoover Institution senior fellow, will consult on regional and global issues that may affect the Birmingham, Alabama-based bank, and work as a senior advisor.

A company spokesman said the relationship was unique for Regions, and declined further comment.

Regions is one of the nation's ten largest banks.

Rice is a Birmingham native and has been a director at Chevron Corp, Charles Schwab Corp, Transamerica Corp and on JPMorgan Chase & Co's International Advisory Council.

Regions shares closed down 1.98 percent at $6.45 on Tuesday.