October 8, 2019 / 12:15 PM / 11 days ago

Mediobanca investor Mediolanum sees no reason to change governance

MILAN, Oct 8 (Reuters) - Mediobanca shareholder Banca Mediolanum does not see any reason to change the governance rules of the investment bank, Chief Executive Massimo Doris said on Tuesday.

“So far it has worked well. From my point of view there is no reason to change it”, Doris said on the sidelines of an event in Milan.

Banca Mediolanum is one of the top shareholders of Mediobanca with a stake of 3.2%.

Italian tycoon Leonardo Del Vecchio last month acquired a stake of nearly 7% in Mediobanca and sources say he aims to change the governance of Mediobanca in order to have a say in the renewal of the board next year.

Doris added that he is happy with the tenure of Mediobanca’s CEO Alberto Nagel.

Asked about Del Vecchio, Doris said he has had no contacts with him. “I don’t see the presence of Del Vecchio in Mediobanca in a negative way. Let’s see what his plans are,” Doris said.

Reporting by Andrea Mandala, writing by Gianluca Semeraro

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