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.
UniCredit SpA appointed Deputy Chief Executive Officer Roberto Nicastro to a new position of general manager in an attempt to smooth relations with investors, while Sergio Ermotti , head of the investment bank, decided to step down after the management shakeup.
The management shakeup at UniCredit SpA, Italy’s largest bank, may serve to increase the influence of Italy’s banking foundations, institutions that trace their roots to the 17th century, and curb its international growth.
Federico Ghizzoni , appointed chief executive officer of UniCredit SpA yesterday, will review the bank’s strategy in central and eastern Europe, boosting investments in Russia, Turkey, Poland and the Czech Republic.
Alessandro Profumo , who built UniCredit SpA into Italy’s largest bank during 13 years as chief executive officer, may step down at a board meeting today after losing the support of some investors, said two people with knowledge of the matter.
UniCredit SpA ’s board may choose an internal candidate to replace Alessandro Profumo as chief executive officer, and create a general manager role to share duties, two people with knowledge of the matter said.
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.
Alessandro Profumo’s main role as Monte dei Paschi di Siena SpA’s new chairman will be liaising with investors and trying to restore confidence in the world’s oldest bank. That’s a challenge that cost him the top job at Italy’s biggest lender 19 months ago.