Monte Paschi Deputy Chairman To Be Suspended From Post
October 31 2011 - 12:30PM
Dow Jones News
Banca Monte dei Paschi di Siena (BMPS.MI) deputy chairman
Francesco Gaetano Caltagirone will be suspended from his post after
being sentenced to over three years in jail for the failed takeover
of Banca Nazionale del Lavoro, now part of BNP Paribas SA (BNP.FR),
in 2005.
When sentenced to jail, board members of banks are suspended
from their posts until a general meeting is called to decide their
fate, according to requirements applied by the Italian central
bank.
Caltagirone was sentenced earlier Monday. His lawyers are
expected to appeal the sentence in coming days.
Neither Banca Monte dei Paschi di Siena nor a spokesman for
Caltagirone were immediately reachable for comment Monday.
-By Sabrina Cohen and Alberto Chimenti, Dow Jones Newswires; +39
02 5821 9906; sabrina.cohen@dowjones.com
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