Former Banca Monte dei Paschi di Siena Chairman Giuseppe Mussari

Former Banca Monte dei Paschi di Siena Chairman Giuseppe Mussari

Andreas Solaro/AFP via Getty Images

After Giuseppe Mussari joined Monte Paschi, the fifth-biggest Italian lender at the time, the board authorized him to search for acquisitions to keep up with the country’s two largest banks, UniCredit SpA and Intesa Sanpaolo SpA, which were expanding.