Monte dei Paschi CEO: bank’s focus is on strategic plan

MILAN: Monte dei Paschi di Siena (MPS) is set on implementing its business strategy which has already yielded results but can drive the bank’s value higher, CEO Luigi Lovaglio told a television interview.

Speaking to CLASS CNBC, Lovaglio said the good results had put the bank back on the radar of long-only investors, adding however that current market valuations did not fully reflect the bank’s performance.

Asked about a merger deal as an option for the state to cut its 64% stake in the Tuscan lender, Lovaglio said the business plan and lifting MPS’ market value were the focus of management action, though mid-sized lender should eventually consolidate.