Jean Pierre Mustier's decision to step down as CEO of UniCredit had nothing to do with a possible acquisition of bailed-out rival Monte dei Paschi , UniCredit Chairman-elect Pier Carlo Padoan was quoted as saying on Sunday.
In an interview with Italy's Corriere della Sera daily, Padoan denied Mustier's exit facilitates a merger with MPS, after speculation about a deal hurt UniCredit shares last week."MPS played no part in Mustier's decision to leave UniCredit at the end of his current term. Moreover, his decision does not change in any way the bank's position towards any such operation," Padoan said.
Mustier had prioritised returning cash to shareholders over mergers and had worked since his arrival in mid-2016 to reduce Italy's exposure to its fragile home turf. Padoan, who was named in October as incoming chairman, denied a report saying he had challenged Mustier's international focus advocating instead expansion in Italy.
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