Mediobanca CEO Prepares to Quit as Paschi Nears Control

Mediobanca SpA Chief Executive Officer Alberto Nagel is preparing to resign along with the rest of the lender’s board as Banca Monte dei Paschi di Siena SpA is nearing control of the rival, people familiar with the matter said.

Nagel may choose to relinquish his role as Monte Paschi is close to securing more than 50% of Mediobanca through its ongoing tender offer, the people said. Nagel’s move could occur at a board meeting that’s scheduled for Sept. 18, they said, asking to not be named speaking about confidential information