JPMorgan’s Grilli Tapped by Monte Paschi as Mediobanca Chairman

(Bloomberg) – JPMorgan Chase & Co. Manager Vittorio Grilli was elected as the president of the new board of Mediobanca Spa by Banca Monte Dei Paschi Di Sanea Spa, the lending of Tuscan.

According to Friday, the President of the European, Middle East and Africa, Grilli, currently resorted to JPMorgan’s role in Mediobanca role in Corporate and Investment Bank. Monte Paschi also chose Alessandro Melzi D’Eil, Chairman of Anima Holding Spa, as the Chairman of the Executive Officer of Mediobanca. Bloomberg News reported that Grilli is ready to become President and Melzi D’Eil CEO.

Appointments made Monte Paschi’s almost fully ownership of Milan -based opponent after winning 86.3% of Mediobanca last month after a successful inheritance of € 17 billion ($ 20 billion). The successful proposal pushed Alberto Nagel, CEO of Mediobanca, who strongly opposed the agreement, to resign for 17 years.

The seizure of Mediobanca will bring a remarkable return to Monte Paschi, which must be rescued and nationalized earlier, will bring Italy’s third largest bank with assets. The agreement also likes the government’s support, as it makes Prime Minister Giorgia Meloni closer to fulfilling the ambition of creating a third major bank in the country to compete with Unicredit Spa and Intesa Sanpaolo Spa.

Luigi Lovaglio, Chairman of the Monte Paschi Executive Officer, said in an interview that Bloomberg’s Italian language Podcast Quello Che I Soldi said in an interview at the beginning of this week. The agreement “is an important step for the next growth phase for a game exchanger, Italian and European banking sector”.

Italy saw a proposed wave of inheritance in the field of finance last year, while Monte Paschi’s agreement is one of the few people who are really closed.

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