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Home»Finance»Italy to hand Monte dei Paschi CEO Lovaglio new mandate
Finance

Italy to hand Monte dei Paschi CEO Lovaglio new mandate

March 25, 2023No Comments2 Mins Read
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MILAN, March 25 (Reuters) – Italy’s Treasury is about handy veteran banker Luigi Lovaglio a brand new mandate as chief govt of state-owned lender Monte dei Paschi di Siena , two individuals with data of the matter mentioned.

Lovaglio, who constructed his profession at UniCredit (CRDI.MI) the place he finally rose to guide the group’s former Polish unit Financial institution Pekao, arrived at Monte dei Paschi (MPS) simply over a yr in the past, when the Treasury pushed out his predecessor.

The state owns 64% of MPS following a 2017 bailout.

Lovaglio, one in every of Italy’s most skilled industrial bankers, in November oversaw a make-or-break 2.5 billion euro ($2.7 billion) capital elevate which allowed MPS to bolster capital and fund voluntary layoffs.

Lovaglio has pledged to spice up MPS’ profitability as he works to arrange the financial institution for a merger that might enable the state to satisfy re-privatisation commitments taken with European Union competitors authorities on the time of the bailout.

The sources mentioned the Treasury would additionally appoint as chairman Nicola Maione, a lawyer who has been sitting on MPS’ board since 2017 and has beforehand chaired the board of state-controlled air visitors controller Enav (ENAV.MI).

With MPS shareholders because of vote to nominate new administrators subsequent month, the Treasury – as the only greatest shareholder within the financial institution – is making ready to file within the coming hours its slate of nominees for the Tuscan lender’s board.

(This story has been refiled so as to add reporting credit score, no change to textual content)

($1 = 0.9295 euros)

Reporting by Valentina Za in Milan and Giuseppe Fonte in Rome; enhancing by Michael Perry

: .

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CEO dei hand Italy Lovaglio mandate Monte Paschi
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