Monte dei Paschi board says CEO meets good repute criteria

October 14, 2016 12:03 PM EDT

Marco Morelli gestures during a meeting in Milan November 11, 2011. REUTERS/Imagoeconomica

Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.

SIENA (Reuters) - Italian bank Monte dei Paschi di Siena on Friday gave a clean bill of health to its newly appointed chief executive, Marco Morelli, saying he met good repute criteria for his position.

Morelli was appointed in the top position of Italy's third biggest bank, which is seeking to raise up to 5 billion euros in fresh funds from investors to avert the risk of being wound down, on Sept 14.

Less than a week before the bank had abruptly announced that his predecessor Fabrizio Viola was stepping down.

Morelli, a former chief financial officer at the Tuscan bank, was fined by the Bank of Italy in 2013 for his alleged role in misleading regulators over the true nature of a hybrid financial instrument the bank used to partially fund its acquisition of regional rival Antonveneta.

He denies any wrongdoing, is appealing the fine and a judicial investigation against him over the same allegations has been dropped.

(Reporting by Silvia Ognibene, writing by Silvia Aloisi)

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories


Related Entities

Definitive Agreement

Add Your Comment