Potential Sale of Monte Paschi to UniCredit “Inappropriate" With Padoan as Chairman

A sale of Banca Monte dei Paschi to UniCredit would be inappropriate after UniCredit announced it would appoint former Economy Minister Pier Carlo Padoan as chairman, lawmakers from Italy’s ruling 5-Star Movement said, Reuters reported. Padoan oversaw the bailout of Italy’s oldest bank, Monte dei Paschi, back in 2017, with Rome spending 5.4 billion euros ($6.31 billion) on a 68% stake. Under an agreement with European Union authorities, the stake must be sold by mid-2022. “It would be paradoxical if, after the public commitment that provided for a support of several billion euros ... today there was a possible sale of MPS to UniCredit with Padoan in the role of chairman,” the 5-Star lawmakers wrote in a note. Read more