Monte dei Paschi set to name shareholder Falciai chairman: sources
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
The main entrance of the Monte dei Paschi bank headquarters is seen in Siena, Italy March 13, 2012. REUTERS/Max Rossi/File photo
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
MILAN (Reuters) - Italian lender Banca Monte dei Paschi di Siena
Falciai, a Monte dei Paschi board member and head of the bank's nomination committee, will replace Massimo Tononi who has said he would step down after a shareholder meeting that will be held in the coming weeks to approve the bank's rescue plan.
Falciai is also a Monte dei Paschi shareholder with a stake of just under 2 percent.
"I'm not sure if it will be announced today, but the only available candidate is Falciai," one of the sources said.
Monte dei Paschi, the world's oldest bank, needs to raise a total of 5 billion euros ($5.57 billion) by the end of the year or risk being wound down. It is racing to raise the cash and offload some 28 billion euros in bad loans at below book value.
(Reporting by Paola Arosio and Stefano Bernabei, writing by Agnieszka Flak)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- China expresses concern as Yemen's Houthis form government
- Money transfer firm WorldRemit eyes new markets, growth
- Trump's win gives some hedge funds big boost: investors
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!