Italy’s MPS appoints Fanti as head of private banking

Italy’s Banca Monte Paschi di Siena has appointed Francesco Fanti as head of the private banking business.

Fanti has been previously in charge of MPS’s operations for Central and southern Italy.

The country’s third biggest lender has also confirmed today that the new geographical business structure, introduced in the bank’s 2012-2015 business plan, has become effective in November.

The change to a more localised governance was decided to cut the bank’s operating costs.

MPS’s governance will be organised around 7 geographical areas: Lombardia Sud and Emilia Romagna; Nord Ovest; Toscana Nord; Toscana Sud; Umbia e Marche, Centro and Sardegna, South, Sicilia and Calabria.

Each region will have a managing director responsible for the network of advisers, commercial strategy and quality of services.

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