August 23, 2018 / 6:09 PM / a month ago

Malacalza proposes Innocenzi, Modiano and Reichlin for Carige board

MILAN (Reuters) - Malacalza Investimenti, the top investor in Banca Carige, said on Thursday it had submitted its list of candidates for the Italian bank’s new board, including veteran bankers Fabio Innocenzi and Pietro Modiano.

Shareholders in Genoa-based Carige meet on Sept. 20 to appoint a new board. The European Central Bank has told Carige to move quickly to solve its governance crisis following a clash between Malacalza and the current CEO, Paolo Fiorentino, which has led to a string of board resignations.

Malacalza said in a statement it was proposing Pietro Modiano, a former UniCredit banker, as chairman, and Lucrezia Reichlin, an academic who used to sit on UniCredit’s board, as deputy chairman.

The third name on the list, normally indicating the chief executive, is that of Innocenzi, and a source familiar with the matter confirmed the UBS banker is being proposed for CEO.

Malacalza Investimenti, the holding company of local businessman Vittorio Malacalza, said it owned 23.96 percent of Carige. Fiorentino is the third CEO to be pushed out by Malacalza since it became the leading investor in Carige in 2014.

Reporting by Valentina Za, editing by Steve Scherer

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