The board of directors of MPS has unanimously decided to withdraw the proxies from the managing director Guido Bastianini.
The decision of the board, led by the president Patrizia Grieco, came at the urging of the Treasury, the largest shareholder of the Sienese bank with 64% of the shares, which last week had asked Bastianini to take a step back to favor a change of strategy of the bank, grappling with difficult negotiations with the European Union on the new business plan and on the possible extension of the MEF's exit from the capital of Monte dei Paschi, currently scheduled for spring 2022. Mps also, after the failure of the negotiations with Unicredit , will have to carry out a maxi recapitalization of 2,5 billion euro within the year. A change of pace is therefore considered necessary in order to find a new figure capable of ensuring the confidence of the markets.
Bastianini, former number one of Carige and Capitalia, had been appointed to lead MPS in April 2020 on the recommendation of the 5 Star Movement. To take his place will be Louis Lovaglio, an experienced banker with a long career in the ranks of Unicredit, where he headed the Polish subsidiary Bank Pekao. Subsequently, the manager landed in Creval, where he successfully oversaw the capital increase and the restructuring up to the takeover bid of Crédit Agricole. Based on initial indications, Lovaglio should be co-opted to the board of directors, taking the place of MEF official Olga Cuccurullo who resigned last Friday for "personal reasons". Subsequently, the banker will receive the powers of managing director.
We remind you that the board of directors of Monte dei Paschi will also approve today the 2021 accountsclosed with a three-digit profit, despite forecasts for a fourth quarter in the red.
Meanwhile in Piazza Affari, after the news arrived from the board of directors MPS title it expanded its gains and at 16.20 pm it scored +1,4% to 0,938 euros.
