Siena

MPS foundation's new chief says bank in 'serious' plight

Mansi oversees appointment of Olivato to deputy chair

MPS foundation's new chief says bank in 'serious' plight

Siena, September 13 - The new chief of the foundation that controls the troubled Banca Monte dei Paschi di Siena (MPS) bank described the lender's situation as "serious" on Friday. The bank is at the centre of criminal probes after it emerged early this year that a previously undisclosed series of derivative and structured-finance deals produced losses of around 720 million euros. It has also be hit by massive losses on top of those and political furore over the previous Italian government's 3.9-billion-euro bailout plan to cover its capital needs, which threatens the bank with State control should it default. "The moment is serious and we cannot joke about it," said Antonella Mansi, the new head of MPS-controlling foundation. "We are all very motivated and understand the difficulties we will need to face and the complexity of the current situation". Mansi, a 39-year old Tuscan manager whose family owns a chemicals company, was appointed as chairman of the foundation earlier this year. Mansi was speaking at the end of a management meeting in which Giorgio Olivato was appointed as Deputy Chairman Friday.

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