ROME--Veteran Italian banker Alessandro Profumo said he plans to
step down as chairman of Banca Monte dei Paschi di Siena SpA
(BMPS.MI) after the completion of the lender's 3 billion euro
($3.24 billion) capital increase planned for later this year.
"Yes, once the capital hike is over, I consider my work
completed [at the bank]," says Mr. Profumo in an interview in daily
Corriere della Sera published Sunday.
Mr. Profumo, a former longtime chief executive of UniCredit SpA
(UCG.MI), become Monte Paschi's chairman in 2012.
Unprofitable Monte Paschi is expected to carry out its capital
increase between May and by the end of June. The capital increase
has been guaranteed by a pool of banks.
The bank needs the EUR3 billion in fresh capital to plug a
shortfall identified by European regulators in last year's
financial health check of lenders.
Mr. Profumo told the newspaper he wants to set up a company that
will provide capital and consultancy to medium-size Italian
companies.
Write to Liam Moloney at liam.moloney@wsj.com
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