Pop Milano appoints ex-minister as head of supervisory board

Banca Popolare di Milano’s (PMI.MI) shareholders appointed former Italian minister Piero Giarda as chairman of a newly elected supervisory board on Saturday, ending a deadlock that was hampering the launch of a planned rights issue of new stock. Giarda, 77, is a university professor who served as parliamentary affairs minister in Italy’s technocrat cabinet headed by Mario Monti between 2011 and 2012. Popolare Milano needs to boost its capital base to get ready for a euro zone-wide bank health check, to be carried out by the European Central Bank next year. He did not say when the capital hike would happen, though shareholders approved a three-month extension to the deadline by which it must be carried out, to July 31.

    

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