Carlo Fratta Pasini, President of Bpm bank, will not present his candidacy "on the occasion of the next renewal of the bank's board of directors". This was announced in a note from the institute, specifying that the Veronese lawyer communicated the decision to the nomination committee, the board of directors and the board of statutory auditors.
The press release specifies that Fratta Pasini made this choice "after having carefully considered the length of his tenure in office and the positive and, in some ways, extraordinary results achieved by Banco Bpm three years after the merger".
Fratta Pasini “he also underlined the inescapable interest of Banco Bpm in leveraging the forthcoming renewal of the board of directors to best highlight the new profiles and the bank's future prospects, with a view to obtaining wider and more rapid recognition of the results achieved by all the bank's stakeholders and, first and foremost, by the market”.
Fratta Pasini also has a long banking career behind him: before becoming president of Banco Bpm, following the merger with Popolare di Milano, he had been president of Banca Popolare di Verona for many years. It is probable that at the basis of his decision not to reapply there is also the wise consideration that, in view of possible new mergers, the top positions available to Banco Bpm would obviously be reduced.
The most likely replacement for Fratta Pasini is Massimo Tononi, former president of Monte dei Paschi di Siena and undersecretary of the Ministry of Economy, as well as, since July 2018, president of Cassa Depositi e Prestiti. The verification will take place by January when the outgoing board of directors of Banco Bpm will present the list of candidates for the April meeting which will have to decide on the new appointments. First, however, the CEO of the bank, Giuseppe Castagna, will present the new industrial plan to the financial community.
Banco Bpm thus becomes a little less Veronese and more Milanese but above all more and more a market bank.
