Mussari resigns from Italy’s banking association amid derivatives scandal

Giuseppe Mussari, head of the Italian banking association ABI, has resigned from the institution following amid a scandal on the approval of a series of derivative contracts at Monte dei Paschi di Siena, while he was chairman of the bank.

The resignation of the banker follows the investigation launched by the Italian bank on a series of derivatives transactions undertaken by MPS under Mussarim who has been for more than 10 years the bank’s chairman and previously the head of its largest shareholder.

The bank is due to agree this week on a capital increase to underpin a request for €3.9bn in state bail out bonds. The bank’s new management team is lead by chairman Alessandro Profumo (pictured) and chief executive Fabrizio Viola.

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