MPS's new shareholders receive veto power over top execs
Fondazione MPS and new shareholders reach agreement over vetoes04 April, 17:24
MPS's biggest stakeholder, Fondazione MPS, and the bank's new South American stakeholders, Fintech and BTG, will all hold veto power over future appointments of the bank's top executives.
"The foundation made a choice for stability," said MPS Chairman Alessandro Profumo. MPS's share price gained 7% on Monday, climbing to 0.27 euro, after Fondazione MPS announced the sale of 6.5% to the two separate entities. Almost 8% of the troubled bank's share capital changed hands after the announcement.
"This is more than a sale because we have given a future and solid foundations to the organisation," said Fondazione MPS President Antonella Mansi on Monday.