Nagel, CEO of Mediobanca, stops after Monte Paschi has taken control of

(Bloomberg) – Alberto Nagel, CEO of Mediobanca Spa, resigned with a few other members of the board of directors of the lender and track the way for a change in leadership after Banca Monte Dei Paschi di Siena Spa effectively won control over the rival. ‘To facilitate an orderly and timely transition by the appointment of a new Governing Body, the directors all, with the exception of one member, held their resignations, the bank said in a statement on Thursday. Resignations will be in effect from the date of the next annual meeting scheduled on October 28, when a new board will be named. The move comes after Monte Paschi’s takeover offer was accepted by investors representing about 63% of Mediobanca’s shares, ensuring that the firm will have a majority stake as soon as the bid ends. The outgoing management was strongly opposed to the agreement, arguing that it did not have an industrial and financial rationale. Nagel, which collected approximately € 44m ($ 52 million) earlier this week by selling 2 million shares in the bank, was preparing to stand off his post if Monte Paschi would cross 50%, Bloomberg News previously reported. The acquisition will create the third largest Bank of Italy, which realizes a long -term ambition from Italian Prime Minister Giorgia Meloni to establish a new big lend shooter who can compete with the Intesa Sanpaolo Spa and Unicredit Spa. In an attempt to conclude the agreement, Monte Paschi improved its offer earlier this month by adding a cash component to its bid and appreciating mediaca at around € 17.5 billion, compared to a market cap of approximately € 17.4 billion. Monte Paschi’s offer values ​​of Mediobanca’s share at € 21.55 per piece compared to the current market price of € 21.48 in Milan trading. In a farewell message addressed to employees on Thursday, Nagel repeated the success and challenges of the bank under his tenure and thanked them for their achievements. “You are now facing new challenges that you are sure that you are ready to overcome by staying united and preserving the culture and diversity that makes you unique,” he wrote. “I am sure that the bank’s new ownership cannot recognize the value of your exceptional professional heritage.” Nagel (60) has led Mediobanca for 17 years, making him one of Europe’s long -standing CEOs of banks. He expanded the only investment bank in Italy to leading positions in retail banking and wealth management. The veteran banker has also changed mediaca by the global financial crisis, the European debt crisis and a stream of Italian government. On the way, Nagel had survived earlier efforts to expel him. These campaigns were led by two investors with a wide interests in Italian finance-the heirs of late billionaire Leonardo del Vecchio and magnate Francesco Gaetano Caltagirone. The two together owned nearly 30% of mediaanca and have about 20% in Monte Paschi. Bloomberg News reported that they supported the takeover of Monte Paschi. The departure of Nagel is also likely to raise questions about the strategy of Assicurazioni Generali Spa, the largest insurer of Italy. Mediobanca is Generali’s largest investor with a 13%stake. Philippe Donnet CEO Generali, who is supported by Nagel, faces Caltagirone attacks. The tycoon is critical of Donnet’s plan to merge Generali’s asset management operations with Natixis Investment Managers, a unit owned by the French banking group BPCE. The agreement is also under criticism of Italian government officials. Nagel signed his farewell letter by quoting the ancient Roman poet Horace: “Graecia Capta Ferum Victorem Cepit” – translated to “conquered Greece captured her cruel conqueror.” More stories like these are available on Bloomberg.com © 2025 Bloomberg LP