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Italy's Monte dei Paschi names new chairwoman, approves capital reduction

Banca Monte dei Paschi di Siena SpA appointed a new chairwoman and board of directors for 2017 through 2019 and approved a reduction in share capital.

The Italian lender said Dec. 18 that its shareholders appointed Stefania Bariatti as chairwoman and Antonino Turicchi as deputy chairman of its 14-member board of directors. Also appointed to the board were CEO Marco Morelli, Maria Elena Cappello, Salvatore Fernando Piazzolla, Nicola Maione, Roberto Lancellotti, Giuseppina Capaldo, Angelo Riccaboni, Michele Santoro, Fiorella Kostoris, Marco Giorgino, Stefania Petruccioli and Giorgio Valerio.

Bariatti has been a director at Monte dei Paschi since 2015, according to S&P Global Market Intelligence data.

Current Chairman Alessandro Falciai recently told the board that he could not accept his appointment in the list of directors proposed by the Italian ministry of economy and finance for personal reasons.

The lender's shareholders also approved a share capital reduction due to losses in the amount of approximately €5.36 billion.