September 18, 2014 / 6:23 PM / 3 years ago

Monte Paschi says two board members resign

MILAN, Sept 18 (Reuters) - Italy’s Monte dei Paschi di Siena said on Thursday two of its board members had resigned in a move that should draw a line under a row among the bank’s shareholders over seats on the board.

The two board members, Marco Turchi and Paola Demartini, had been appointed by the Monte dei Paschi foundation that was hitherto the bank’s biggest shareholder.

Having cut its stake in the lender to just 2.5 percent from more than 30 percent, the foundation entered a shareholder pact with two new Latin American investors in the bank, Fintech and BTG Pactual - which have 4.5 percent and 2 percent of the lender respectively.

The resignations announced on Thursday mean those two new investors will now be able to appoint their own repreentatives on the board.

Reporting by Silvia Aloisi

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