Domenica, 21 Ottobre 2018

Italian banking association appoints Mussari's replacement


(see related stories)
Rome, January 31 - The executive of Italian banking
association ABI appointed Antonio Patuelli as its new president
on Thursday after Giuseppe Mussari reigned as chief following a
financial scandal at his troubled former bank Monte dei Paschi
di Siena (MPS).
Mussari stepped down last week after it emerged that shady
derivatives operations conducted before he left the helm of the
bank last year had led to losses of hundreds of millions of
He is said to have personally authorised at least one of
the derivative operations at the centre of the furore. He denies
any wrongdoing.
The MPS scandal has rocked the Italian financial system as
Italy's banks were thought to have avoided the type of risky
operations that put lenders in the United States and Britain in
difficulty in recent years.
But Patuelli, who is also the president of the Cassa di
Risparmio di Ravenna bank group, stressed that in Italy
"obligations must prevail, distant from the models of the most
risky capitalism of the other side of the ocean".
Economy Minister Vittorio Grilli has said that there was no
evidence other Italian banks were in the same plight as MPS.
"We believe in, and work for, healthy prudent management of
banks, which are the most complex of companies, with rigour and
the precision of the physical and mathematical sciences,"
Patuelli said.
The new ABI chief also said he believed banks should be
"absolutely independent, distant and distinct from the political
world and from any risk of interference and conflict of
This is significant as the MPS scandal has become an
election issue because local authorities run by the main
centre-left Democratic Party have a big presence in the
foundation that controls the Tuscan bank.

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