Monte dei Paschi names veteran UniCredit executive as CFO -Breaking
By Valentina Za
MILAN (Reuters – Monte dei Paschi di Siena appointed Andrea Maffezzoni, a veteran UniCredit executive as its chief financial officer. The bank is preparing to present a new strategy next week.
Maffezzoni will be joining Luigi Lovaglio who was a former UniCredit senior manger. He took control of the Tuscan lender following the departure of his predecessor, the Italian Treasury.
Maffezzoni is 50 and joins MPS at an important juncture. Lovaglio, who is creating a new strategy plan for MPS that will be unveiled on June 23rd after UniCredit was not sold by the Treasury last year.
This latest update will be paid for by a share issue in excess of 2.5 billion euro ($2.6 billion).
European Union competition authorities must approve the plan, and the European Central Bank will evaluate whether capital raising is necessary. Sources informed Reuters that the Treasury and MPS worked together to maintain the cash call’s size at 2.5 billion euros.
Maffezzoni is familiar with MPS having been part of the UniCredit team that conducted an analysis of the bank’s Siena location during talks between the Treasury and Maffezzoni.
UniCredit demanded capital in excess of 6.3 million euros, but the Treasury rejected it.
During more than three decades at UniCredit Maffezzoni has overseen a number of strategic transactions as head of strategy and M&A and, lastly, as head of group capital, performance and shareholding management.
Jean Pierre Mustier was the former Chief Executive of UniCredit. He assisted in creating UniCredit’s 2013 billion Euro new share issue. Mustier also prepared Mustier’s Transform 2019 & Team 2023 business plans.
Mustier oversaw a slew of disposals, such as UniCredit’s stakes at Polish lender Bank Pekao, or Turkish lender Yapi Kredi. He also managed the renewal of a partnership in Italy with CNP (French insurer).($1 = 0.9559 euros)