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Monte dei Paschi foundation proposes Falciai as bank's new chairman

Published 11/06/2016, 06:11 AM
Updated 11/06/2016, 06:20 AM
© Reuters. A man walks on a logo of the Monte Dei Paschi Di Siena bank in Rome

MILAN (Reuters) - The foundation of Banca Monte dei Paschi di Siena (MI:BMPS) has proposed businessman Alessandro Falciai to become the troubled Italian lender's new chairman, it said in a statement on Sunday.

Shareholders will be asked to vote on the proposal at a meeting scheduled for Nov. 24.

Sources told Reuters on Saturday that Falciai was the only available candidate to take up the post.

Once confirmed, 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 the November shareholder meeting. Falciai is also a Monte dei Paschi investor with a stake of just under 2 percent.

© Reuters. A man walks on a logo of the Monte Dei Paschi Di Siena bank in Rome

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.

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