Banca Monte dei Paschi di Siena has approved a preliminary list of candidates for a new board of directors, according to people familiar with the matter

Banca Monte dei Paschi di Siena has approved a preliminary list of candidates for a new board of directors, according to people familiar with the matter

Banca Monte dei Paschi di Siena Approves Preliminary Board Candidate List

Banca Monte dei Paschi di Siena SpA (BMPS) has approved a preliminary list of 30 candidates for its new board of directors, marking the first step in a process to narrow the list to 20 nominees for shareholder approval at an April 15 meeting. The outgoing board, led by Chairman Nicola Maione and CEO Luigi Lovaglio, confirmed their inclusion on the long list alongside other current directors and prominent industry figures such as Corrado Passera (former Intesa Sanpaolo CEO), Fabrizio Palermo (Acea SpA CEO), and Carlo Vivaldi (former UniCredit executive). The final shortlist of 20 candidates is expected by early March, with the goal of electing 15 board members by mid-March.

The selection process, guided by criteria emphasizing sector expertise, diversity, and independence, involved the Nomination Committee chaired by Domenico Lombardi and external advisors from Korn Ferry. Informal consultations with major shareholders—including Delfin (17.5%), Caltagirone Group (10.2%), BlackRock (5%), and the Italian Ministry of Economy (4.8%)—were completed, reflecting a strategic focus on continuity while introducing fresh expertise.

BMPS's board also advanced plans to fully integrate Mediobanca into its group structure, including delisting the Milan-based investment bank. CEO Lovaglio outlined a strategy targeting €300 million in cost efficiencies and expansion in asset management, private banking, and insurance. The combined entity's business plan will be presented on February 27, with regulatory approval from the European Central Bank (ECB) pending.

The preliminary board candidate list aligns with BMPS's broader restructuring efforts, aiming to strengthen governance and operational resilience. Shareholders will have until March 6 to submit competing candidate lists, with the finalized board expected to oversee the bank's strategic transformation in the coming years.

This development follows a period of significant change for BMPS, including its landmark acquisition of Mediobanca, and underscores its commitment to aligning leadership with long-term financial and regulatory objectives.