CEO of World’s Oldest Bank Stepping Down Amid Stress Test Failures

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The CEO of Italy’s Banca Monte dei Paschi di Siena (BMPS), the oldest surviving bank in the world, is stepping down, the financial institution said in a statement.

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MOSCOW (Sputnik) – Fabrizio Viola has "expressed his availability to work with the chairman to find an agreement to terminate his contract," the Thursday statement says, as quoted by The Financial Times.

According to the newspaper, Viola was pressured to step down from the CEO post as BMPS plans to raise new capital, which requires that a change in leadership occurs at the bank.

Under Viola’s leadership, BMPS emerged as the worst capitalized bank in the 2014 and 2016 stress tests.

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