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MPS's new shareholders receive veto power over top execs

Fondazione MPS and new shareholders reach agreement over vetoes

04 April, 17:24
MPS's new shareholders receive veto power over top execs (ANSA) - Rome, April 4 - Major shareholders of struggling Italian lender Monte dei Paschi di Siena reached an agreement on Friday to share veto powers over the appointment of the chief executive and chairman of the bank.

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.