Mediobanca Banca di Credito Finanziario S.p.A.·Financial Services

Luigi Lovaglio of Italy's Banca Monte dei Paschi di Siena said continuity at the top is key to pull through a complex combination with rival Mediobanca.

Monte dei Paschi di Siena Chief Executive Luigi Lovaglio on Thursday sought to reassure investors that the strategy he outlined for the combined group with Mediobanca would outlast any changes at the helm.

Italian banks Monte dei Paschi di Siena (MPS) and Mediobanca have approved steps toward a full merger, after tensions among shareholders and directors over the plan led the MPS board to vote against retaining its CEO.

The Italian banks expect to complete their merger by the end of the year and to lead to the delisting of Mediobanca.

The boards of Italy's Banca Monte dei Paschi di Siena (MPS) and Mediobanca are due to approve on Tuesday the terms on which MPS will buy the 14% of the partner it doesn't already own and merge with it.

Shares in Monte dei Paschi di Siena and Mediobanca fell sharply on Friday after the Tuscan bank presented a multi-year strategy for the combined group, unsettling investors with a lack of detail on the terms of the full merger.
Mediobanca Banca di Credito Finanziario S.p.A., together with its subsidiaries, provides various banking products and services in Italy and internationally. The company operates through Wealth Management, Consumer Banking, Corporate and Investment Banking, Principal Investing, and Holding Functions segments. The Wealth Management segment offers asset management and other services to private clients, and affluent and premier customers. The Consumer Banking segment provides a range of consumer credit products comprising personal loans and salary-backed finances; personal loan services for cars and motorcycles, consumer electronics, furniture, and travel; payment services that include credit cards and salary-backed loans; insurance products; and instalment payment solutions for online purchases. The Corporate and Investment Banking segment offers wholesale banking products and services, including lending, advisory, capital market, and proprietary trading services; and specialty finance services, such as factoring and credit management, as well as non-performing loans portfolio acquisitions and management. The Principal Investing segment engages in the equity investment and holding activities. The Holding Functions segment engages in treasury, and asset and liability management operations. The company was founded in 1946 and is headquartered in Milan, Italy.
Financial Services
Banks - Regional
5,443
2009-10-14
0.64