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Mediobanca Banca di Credito Finanziario S.p.A.
MDIBFFinancial ServicesOTCIT
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Italy's Monte dei Paschi di Siena (MPS) bank is focused on integrating recently-acquired Mediobanca , CEO Luigi Lovaglio said on Friday, when asked about reported merger talks with rival Banco BPM.
The bank's net profit was €520.8 million compared with €413.1 million in the year-earlier period, before the Mediobanca acquisition.
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.
