Monte Paschi CFO Mingrone Resigning From Italian Lender

Updated on

Banca Monte dei Paschi di Siena SpA, the world’s oldest bank, said Chief Financial Officer Bernardo Mingrone is resigning.

Mingrone is stepping down effective Sept. 25, the Siena, Italy-based lender said Thursday in a statement. He’s been the top financial officer for Monte Paschi since February 2012 and earlier was CFO for Pioneer Global Asset Management.

Chief Executive Officer Fabrizio Viola is restoring profit and bolstering the bank’s finances by reducing risk and selling assets after tapping investors twice in less than two years. The lender has sold more than 2 billion euros ($2.3 billion) of non-performing loans in the last two years.

The bank swung to a profit in the second quarter, reporting net income of 121 million euros as it booked gains from an asset sale and set aside less money for bad loans. That compares with a net loss of 178.9 million euros a year earlier.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE