(Alliance News) - The European Central Bank's supervisory authority is ready to authorize the new statute of Banca Monte dei Paschi di Siena, which was amended in a swift board meeting on December 24 to remove the "principle of residuality" that had been challenged by Frankfurt.
As reported by La Repubblica on Tuesday, the green light will allow for the extraordinary shareholders' meeting to be convened soon, with the bank aiming to hold it between late January and early February, ahead of the board renewal scheduled for April.
The principle of residuality stipulated the automatic invalidation of the outgoing board's list in the event that a majority list was submitted by a significant shareholder. Initially adopted by MPS, this would have allowed Delfin and Caltagirone to intervene until the last moment, but the ECB pushed for a more open competition among all lists.
In reality, the prospect of an alternative list remains theoretical: the two main shareholders, who have supported the "outgoing list" for months, are backing the procedure outlined by the new law.
The alliance between CEO Luigi Lovaglio and the major shareholders is expected to be further strengthened with the strategic plan anticipated in mid-February, while Mediobanca's role in the group's governance remains a key issue.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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