April 11, 2019 / 6:05 PM / 2 months ago

Monte dei Paschi needs more time to draw up strategies - Chairwoman

SIENA, Italy, April 11 (Reuters) - State-controlled Monte dei Paschi is considering several “strategic and extraordinary” options, but a changed business environment means the lender might need more time to draw up its strategy, Chairwoman Stefania Bariatti said.

The Italian Treasury has a 68 percent stake in the Tuscan bank after its bailout and must give details of its exit plan from the lender to the European Commission by year-end.

Speaking with the press after the bank’s shareholder meeting, CEO Marco Morelli said strategic options were being discussed by the board, adding there was nothing definite at the moment.

“We are focused on the plan for the bank, but we are also obliged to evaluate potential strategic alternatives,” Morelli said. He said it would be up to the Treasury to decide on potential alternatives and discuss with the EU whether the plan needed any adjustments. (Reporting by Stefano Bernabei; writing by Andrea Mandalà; editing by Francesca Landini)

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