June 26, 2022

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 mentioned 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 a vital 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 most recent revamp is to be funded by a brand new share situation value a minimum of 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 acceptable. Sources advised Reuters in Could that each the Treasury and MPS had been working to maintain the dimensions of the money name at round 2.5 billion euros.

Maffezzoni is aware of MPS effectively having co-led the UniCredit workforce who final yr carried out a due diligence evaluation on the Siena-based financial institution throughout unique talks with the Treasury over a doable acquisition.

The deal fell by means of over UniCredit’s request of 6.3 billion euros in capital which the Treasury deemed extreme.

Throughout greater than three a long time at UniCredit Maffezzoni has overseen quite a few strategic transactions as head of technique and M&A and, lastly, as head of group capital, efficiency and shareholding administration.

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He labored with earlier Chief Govt Jean Pierre Mustier on UniCredit’s 13 billion euro new share situation in 2017 and was chargeable for the preparation of Mustier’s Rework 2019 and Staff 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)