(Adds further details, broker comments, share price)
MILAN (Thomson Financial) - Banca Popolare di Milano chairman Roberto
Mazzotta wants to create a position for a CEO and appoint Davide Croff to the
role in a move aimed at facilitating possible tie-ups, the Finanza & Mercati
daily said in an unsourced report.
The paper said the appointment of Croff, a senior adviser to Texas Pacific
Group in Italy and former CEO of Banca Nazionale del Lavoro, would be welcomed
by the Bank of Italy and by institutional investors.
Croff is also chairman of BPM 360 Gradi, a BPM shareholders association
founded by New York-based fund Amber Capital to press for representation at the
bank. Amber has a stake of above 2 pct in the Milan-based cooperative bank.
Finanza & Mercati said the appointment of Croff would negatively affect the
position of managing director Fabrizio Viola, who was recently criticised by
some board members for the acquisition of a stake in the asset manager Anima, in
a deal which at current prices would generate a capital loss of 80 mln eur.
Domestic broker Centrosim said the exit of Viola would be negative for BPM,
given his "excellent" achievements in the last four years.
HVB said the creation of the CEO position would reduce risks of a complete
renewal of the bank's board and increase the management powers of the board.
A BPM spokesperson was not immediately able to comment.
At 9.34 am, BPM shares fell 1.25 pct to 7.89 eur on the Milan stock
exchange.
danilo.masoni@thomson.com
dm/sal/dm/jrr
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