MILAN, Nov 8 (Reuters) - Shareholders of Italy’s top investment bank Mediobanca are not unhappy with the performance of Chief Executive Alberto Nagel, a Mediobanca investor said on Thursday.
Nagel is under investigation in Milan for alleged regulatory obstruction related to the planned tie-up of loss-making insurer Fondiaria-SAI and smaller peer Unipol. He has repeatedly denied any wrongdoing.
“Mediobanca is undervalued but less undervalued than other banks,” Mediolanum CEO Ennio Doris told Reuters in a phone interview.
“(Nagel) is a very competent manager and up to the position,” Doris said.
Asset manager Mediolanum owns 3.38 percent of Mediobanca.
Doris said the dividend payout for Mediolanum this year would be the lowest in the group’s history, well below 50 percent.
“But next year we hope to be able to offer at least 50 percent,” he said.
Reporting By Maria Pia Quaglia and Stephen Jewkes