Italy's Monte dei Paschi di Siena (MPS) could name a new chief executive as early as Monday after the state-owned bank's nomination committee proposed the former head of Poland's Bank Pekao for the job, sources said.
But with Bastianini unwilling to depart, MPS's board is expected on Monday to strip him of his powers, sources have said. To free up a seat for the CEO, an MPS director stepped down on Friday.
After failing to clinch the sale to UniCredit last year, the Treasury is negotiating with the European Union on a new privatisation deadline and restructuring targets.decide Bastianini's futureDuring a four-decade career at UniCredit, Lovaglio led the group's Pekao unit from 2011 to 2017, when UniCredit sold its controlling stake.
In 2019 Lovaglio took the reins of regional bank Creval and steered it towards last year's takeover by Credit Agricole ItalyBastianini had been appointed in 2020 with the backing of the 5-Star Movement, which opposed MPS' sale in the near term. Sources have said the Treasury wants an executive that would focus squarely on preparing the bank to be sold. Lovaglio appears to have prevailed over former BPER CEO Alessandro Vandelli for the MPS CEO post.Register now for FREE unlimited access to Reuters.comReporting by Giuseppe Fonte and Valentina Za; Additional reporting by Andrea Mandala; Editing by David HolmesSubscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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