September 15, 2015 / 11:21 AM / 2 years ago

Monte dei Paschi shareholders appoint Tononi as new chairman

SIENA, Italy (Reuters) - Shareholders at Italy’s Monte dei Paschi di Siena (BMPS.MI) approved on Tuesday the appointment of Massimo Tononi, former head of the Milan stock exchange, as chairman of the bank.

A panel with logo of Monte dei Paschi di Siena bank is seen in downtown Siena, November 5, 2014. REUTERS/Giampiero Sposito

Tononi replaces Alessandro Profumo who left Italy’s No. 3 lender in August.

Monte dei Paschi, which emerged as the weakest lender in a European banking sector health-check last year, is carrying out a painful turnaround plan and looking for a buyer.

Reporting by Stefano Bernabei, editing by Stephen Jewkes

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