Italy to hand Monte dei Paschi CEO Lovaglio new mandate – sources

Former lender Luigi Lovaglio will receive a new job as chief executive of state-owned lender Monte dei Paschi di Siena from the Italian Treasury, according to two sources with knowledge of the situation.

Lovaglio arrived at Monte dei Paschi( MPS ) just over a year ago when the Treasury fired his predecessor. He began his career at UniCredit, where he eventually rose to lead the group’s former Polish unit Bank Pekao.

Following a 2017 loan, the position now owns 64 % of MPS.

One of Italy’s most seasoned professional bankers, Lovaglio, oversaw a wealth increase of 2.5 billion euro($ 2.7 billion ) in November, allowing MPS to increase funding and pay for deliberate layoffs.

As he works to make the lender for a consolidation that would enable the position to meet re-privagization commitments made with European Union market authorities at the time of the loan, Lovaglio has pledged to increase MPS ‘ success.

Nicola Maione, a prosecutor who has served on the MPS council since 2017 and has hitherto presided over the table of state-controlled air traffic controller Enav, would also be appointed president, according to the resources.

The Treasury, the largest shareholder in the bank, is getting ready to submit its slate of nominees for the Italian card board as MPS shareholders are expected to vote to appoint new managers next quarter.

( This article has been revised to include reporting credit; the text has not changed. )

( 1 x 0. 9295 euros )

( Edited by Michael Perry, reporting by Valentina Za in Milan and Giuseppe Fonte in Rome. )

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