SIENA Oct 14 Italian bank Monte dei Paschi di
Siena on Friday gave a clean bill of health to its
newly appointed chief executive, Marco Morelli, saying he met
good repute criteria for his position.
Morelli was appointed in the top position of Italy's third
biggest bank, which is seeking to raise up to 5 billion euros in
fresh funds from investors to avert the risk of being wound
down, on Sept 14.
Less than a week before the bank had abruptly announced that
his predecessor Fabrizio Viola was stepping down.
Morelli, a former chief financial officer at the Tuscan
bank, was fined by the Bank of Italy in 2013 for his alleged
role in misleading regulators over the true nature of a hybrid
financial instrument the bank used to partially fund its
acquisition of regional rival Antonveneta.
He denies any wrongdoing, is appealing the fine and a
judicial investigation against him over the same allegations has
(Reporting by Silvia Ognibene, writing by Silvia Aloisi)