October 14, 2016 / 4:06 PM / a year ago

Monte dei Paschi board says CEO meets good repute criteria

SIENA (Reuters) - Italian bank Monte dei Paschi di Siena (BMPS.MI) on Friday gave a clean bill of health to its newly appointed chief executive, Marco Morelli, saying he met good repute criteria for his position.

Marco Morelli gestures during a meeting in Milan November 11, 2011. REUTERS/Imagoeconomica

Morelli was appointed in the top position of Italy’s third biggest bank, which is seeking to raise up to 5 billion euros in fresh funds from investors to avert the risk of being wound down, on Sept 14.

Less than a week before the bank had abruptly announced that his predecessor Fabrizio Viola was stepping down.

Morelli, a former chief financial officer at the Tuscan bank, was fined by the Bank of Italy in 2013 for his alleged role in misleading regulators over the true nature of a hybrid financial instrument the bank used to partially fund its acquisition of regional rival Antonveneta.

He denies any wrongdoing, is appealing the fine and a judicial investigation against him over the same allegations has been dropped.

Reporting by Silvia Ognibene, writing by Silvia Aloisi

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