Banca Monte dei Paschi di Siena SpA won shareholder approval for an enlarged 5 billion-euro ($6.8 billion) share sale to repay state aid and bolster capital as regulators prepare to scrutinize European lenders’ assets.
UniCredit SpA Chief Executive Officer Alessandro Profumo stepped down, ending his 13-year tenure as head of Italy’s largest bank, after clashing with shareholders over Libyan investments in the company.
The risk of the euro area breaking up is minimal even as a lack of political leadership to resolve the region’s debt crisis undermines the currency, says Alessandro Profumo , chief executive officer of UniCredit SpA, Italy’s biggest bank.
Banca Monte dei Paschi di Siena SpA, the bailed-out Italian bank, will delay a 3 billion-euro ($4.1 billion) stock sale until at least May from the first quarter after its biggest shareholder demanded a postponement.
Banca Monte dei Paschi di Siena SpA’s shares fluctuated in Milan trading after its biggest shareholder overruled Chairman Alessandro Profumo to delay a 3 billion-euro ($4.1 billion) stock sale until at least May.
Former UniCredit SpA Chief Executive Officer Alessandro Profumo is among 20 executives being examined in a tax-evasion probe that led a Milan court to seize 245 million euros ($337 million) of the bank’s assets, court documents show.