The Ministry of Economy and Finance has announced that the AMCO shareholders’ meeting has appointed the new Board of Directors. In the new board, which has increased from 3 to 5 members, Giuseppe Maresca has been appointed as chairman and Andrea Munari as managing director. Silvia Tossini, Antonella Centra and Ezio Simonelli appointed directors.
The new CEO comes from BNL where he held the position of Chairman after having been CEO, General Manager and Head of BNP Paribas for Italy. Previously Munari was also General Manager of Banca IMI and Chief Executive Officer of Credito Fondiario.
The appointments were certified on Tuesday 20 June by the Amco shareholders’ meeting which also approved the 2022 financial statements. The document closed with strong growth in revenues (+43%) to 439 million and an Ebitda (equal to 304, 1 million) climbed 64% year over year. Assets under management reached 36.4 billion, of which 67% non-performing and 33% , up 12% compared to the end of 2021.
Currently, the government is faced with the daunting task of defining the new direction for the investee company. That direction may not include ambitious strategies such as “Project Glam,” which involves Amco taking on a sizable state-backed loan portfolio during the pandemic. As for the current administrators, they are expected to quickly return to the private sector by Christmas. According to some speculation by attentive observers, they could take on senior positions at major credit management companies such as DoValue.
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