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Monte dei Paschi board set to give CEO clean bill of health-board member
October 14, 2016 / 4:03 PM / a year ago

Monte dei Paschi board set to give CEO clean bill of health-board member

SIENA, Italy, Oct 14 (Reuters) - Italian bank Monte dei Paschi di Siena looked set to rule that newly appointed Chief Executive Marco Morelli meets good repute criteria for his position, according to a board member.

Asked whether a board meeting on Friday would rule in Morelli’s favour, the board member said: “Everything is OK.”

Morelli, a former chief financial officer at the Tuscan bank, was fined by the Bank of Italy in 2013 for his alleged role in misleading regulators over the true nature of a hybrid financial instrument the bank used to partially fund its acquisition of regional rival Antonveneta.

He denies any wrongdoing, is appealing the fine and a judicial investigation against him over the same allegations has been dropped. (Reporting by Silvia Ognibene, writing by Silvia Aloisi)

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