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Report: Italy to propose new chair for Monte dei Paschi

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Report: Italy to propose new chair for Monte dei Paschi

The Italian Economy Ministry will nominate Stefania Bariatti as chairwoman of Banca Monte dei Paschi di Siena SpA, "sources familiar with the matter" told Reuters.

Current Monte dei Paschi Chairman Alessandro Falciai told the board that he could not accept his appointment in the list of directors proposed by the ministry for a Dec. 18 shareholders meeting for personal reasons, the lender said Dec. 15. The ministry holds about 85.94% of Monte dei Paschi's outstanding common shares, according to S&P Global Market Intelligence data.

Bariatti has been a director at Monte dei Paschi since April 2015, also according to S&P Global Market Intelligence data. Meanwhile, CEO Marco Morelli is expected to retain his post, Reuters reported.