MILAN (Reuters) – Monte dei Paschi di Siena has named veteran UniCredit govt Andrea Maffezzoni as its new chief monetary officer because it prepares to current a brand new strategic plan subsequent week, the state-controlled financial institution stated on Tuesday.
Maffezzoni joins one other former UniCredit senior supervisor, Luigi Lovaglio, who in February took the helm on the Tuscan lender after the Italian Treasury, the highest shareholder in MPS with a 64% stake, pushed out his predecessor.
Maffezzoni, 50, arrives at MPS at an important juncture. After the Treasury didn’t clinch a sale to UniCredit final yr, Lovaglio is finalising a brand new strategic plan that MPS will unveil on June 23.
The newest revamp is to be funded by a brand new share subject price no less than 2.5 billion euros ($2.6 billion).
The plan wants approval by European Union competitors authorities, whereas the European Central Financial institution will assess whether or not the capital elevating is suitable. Sources advised Reuters in Could that each the Treasury and MPS have been working to maintain the scale of the money name at round 2.5 billion euros.
Maffezzoni is aware of MPS properly having co-led the UniCredit crew who final yr performed a due diligence evaluation on the Siena-based financial institution throughout unique talks with the Treasury over a potential acquisition.
The deal fell by over UniCredit’s request of 6.3 billion euros in capital which the Treasury deemed extreme.
Throughout greater than three many years at UniCredit Maffezzoni has overseen a variety of strategic transactions as head of technique and M&A and, lastly, as head of group capital, efficiency and shareholding administration.
He labored with earlier Chief Government Jean Pierre Mustier on UniCredit’s 13 billion euro new share subject in 2017 and was answerable for the preparation of Mustier’s Remodel 2019 and Workforce 2023 enterprise plans.
Underneath Mustier, he oversaw a raft of disposals such because the sale of UniCredit’s stakes in Polish unit Financial institution Pekao or Turkish lender Yapi Kredi, in addition to the renewal of a partnership with French insurer CNP in Italy.($1 = 0.9559 euros)
Reporting by Valentina Za; Enhancing by Keith Weir
