Amid the storm, the board of directors of Banca Monte dei Paschi di Siena unanimously decided to lock down CEO Luigi Lovaglio, who is under investigation by the Milan prosecutor's office along with businessman Francesco Gaetano Caltagirone and Francesco Milleri, chairman of Luxottica and Luxembourg-based Delfin sarl, as part of an investigation into the Mediobanca deal. The criminal charges brought by investigators are: stock market manipulation and obstruction of supervisory authorities, for alleged "in concert" agreements linked to the €13,5 billion takeover bid through which MPS acquired Mediobanca, Generali's largest shareholder.
The MPS board of directors shields Lovaglio and presses ahead with the merger with Mediobanca.
The board meeting, it has been learned, focused extensively on the investigation and the potential impact it could have on the Siena-based bank's business. Following the internal investigation, the Board has therefore unanimously renewed its full confidence in Lovaglio, confirming the integrity requirements set forth in Ministerial Decree 169/2020 and the ECB guidelines on bank officials. This position is considered crucial by the market: today's board meeting was, in fact, expected to be a decisive step in assessing the stability of governance in the transaction. Mediobanca is at a delicate moment for the institution. Since the investigation began, theMPS shares hit losses, falling below 23 billion.
On the technical front, the board of the Tuscan bank also reiterated that the merger process with Mediobanca continues without delayThe joint working groups are operating "at full capacity with the aim of rapidly realizing industrial synergies, accelerating growth, and creating value." A process that, according to Michele Calcaterra, professor of Corporate Finance at Bocconi, told Adnkronos, "remains focused on efficiency," despite the increased volatility caused by the investigation.
Agreement reached for the termination of former CEO Nagel and Vinci
At the same time, Mediobanca announced that it has signed agreements for the termination of the employment relationships of former CEO Alberto Nagel and General Manager Francesco Saverio Vinci, according to the terms approved by the Board of Directors on December 1st. Both a total sum of 5 million euros will be recognized, maximum ceiling set by the institution's remuneration policy.
Nagel is expected to receive a gross amount of 4,3 million upon termination of his employment, including the fee for the notice and the resignations associated with corporate positions, in addition to €700 for non-competition, non-solicitation, and non-reversal obligations lasting between six and twelve months. Vinci will receive €4,625 million gross upon termination of the relationship, plus €375 for similar post-exit commitments, lasting three months.
Mediobanca specifies that the conditions of the two exit packages were approved in compliance with the regulations on transactions with related parties, in line with remuneration policies The shareholders' meeting deliberates on the terms of the National Collective Bargaining Agreement for Credit Managers and individual contracts. Furthermore, the compensation rights accrued under previous short- and medium- to long-term incentive plans remain unchanged.
Mediobanca side: the fate of Mediobanca Premier is being discussed.
Meanwhile, important news is also emerging from Piazzetta Cuccia, particularly regarding its wealth management subsidiary Mediobanca Premier. Two internal meetings were held in recent days, attended by CEO Alessandro Melzi d'Eril, during which the new post-integration structure was outlined. Sources report that Mediobanca Premier It will remain an independent company, both legally and brand-wise, thus maintaining its own separate identity within the new group. CEO Gian Luca Sichel also announced the expansion of the product portfolio to include corporate and small business segments, marking a progressive expansion of the offering. Regarding human resources, a group of high-profile bankers has reportedly left Premier to join Banca Patrimoni Sella.
