Percorso:ANSA.it > ANSA English > News

Monte dei Paschi chairman and CEO to remain at their posts

In spite of shareholders' lack of support for their strategy

14 January, 18:59
Monte dei Paschi chairman and CEO to remain at their posts (ANSA) - Siena, January 14 - Monte dei Paschi di Siena (MPS) bank Chairman Alessandro Profumo and CEO Fabrizio Viola will not resign as was previously rumored, sources said after a board meeting Tuesday.

Profumo and Viola had reportedly said they would quit if shareholders did not get behind their plan for a crucial three-billion-euro share sale this month. Shareholders delayed that issue until May, prompting regulators from the Bank of Italy and stock-market watchdog Consob to launch what they termed ''coordinated monitoring'' of the troubled Italian bank.

The planned rights issue was tied to paying back part of a 4.1-billion-euro State aid package aimed at turning the ailing lender around.

The bank could be nationalized if it fails to raise enough cash to pay the State back, analysts said.

ALL RIGHTS RESERVED © Copyright ANSA