The shares of the bank of the Italian bank Unicredit fall 7% on the Milan Stock Exchange after it became known yesterday that the CEO, Jean Pierre Mustier, does not want to renew his position, which ends in April 2021, in disagreement with the board of directors for differences in strategy.

According to the Italian media, Mustier does not agree with an operation that includes a merger with the Monte dei Paschi di Siena (MPS) bank, rescued by the Government and which soon hopes to sell its stake and promotes a merger with the Milanese bank.

These media explain that Mustier’s decision comes after a tough battle within the board of directors and with the president of Unicredit and former Italian Minister of Economy, Pier Carlo Padoan. Mustier, the bank said, “will maintain his position until the end of his term and until the appointment of a successor to ensure an orderly transition.”

For its part, Monte dei Paschi di Siena shares rose 6%.

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