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Tags: EU | Italy | Monte Paschi

CEO of Troubled Italian Bank Monte Dei Paschi Resigns

Thursday, 08 September 2016 03:39 PM EDT

ROME (AP) — The chief executive of Italy's troubled Monte dei Paschi di Siena has resigned after the bank was the worst performer in the recent stress test of EU banks.

The Tuscan bank announced the departure of Fabrizio Viola in a statement after a board meeting late Thursday. It said the search for a replacement is under way and Viola will remain in place until the successor is named.

The world's oldest-running bank, Monte dei Paschi di Siena is among the most troubled of Italy's banks, which are struggling with 360 billion euros ($400 billion) in soured loans.

After the EU stress test, Viola had announced a 5 billion euro capital increase from private sources.

© Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Europe
The chief executive of Italy's troubled Monte dei Paschi di Siena has resigned after the bank was the worst performer in the recent stress test of EU banks.The Tuscan bank announced the departure of Fabrizio Viola in a statement after a board meeting late Thursday. It said...
EU,Italy,Monte Paschi
115
2016-39-08
Thursday, 08 September 2016 03:39 PM
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