Mps, the board of directors withdraws the proxies from the CEO Bastianini

The board of Mps has resolved to withdraw the powers of the chief executive officer, Guido Bastianini. The decision, as far as we know, was taken by the council unanimously.
The distrust of Bastianini, less than two years after his appointment, wanted by the M5S, paves the way for the appointment as CEO of Luigi Lovaglio, a long-time banker with a career entirely within Unicredit, of which he led the Polish subsidiary Bank Pekao, to then land at the head of Creval, of which he successfully oversaw the capital increase and restructuring up to the takeover bid for Agricole credit.
Lovaglio should be co-opted into the Board of Directors and, subsequently, receive the proxies of CEO. Bastianini’s departure should have been motivated by the loss of the fiduciary relationship with the board of directors. The distrust comes after the Treasury, in a meeting held about ten days ago with the general manager, Alessandro Rivera, had asked Bastianini, never in tune with the Mef, to take a step backwards, following a change in the bank’s strategy, that this year it will have to resort to the market to ask for another 2.5 billion euros and that it is negotiating with the EU to approve its industrial plan while the government is asking for an extension of the deadline for leaving the capital.
The accounts for the 2021 financial year are also being examined by the board of directors, which analysts expect to be profitable for approximately 270 million euros.

Source: Ansa

Martin

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