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STOCKS NEWS EUROPE-Intesa Sanpaolo hit by CEO dismissal, political turmoil

Reuters - UK Focus

Shares in Italy's largest retail bank, Intesa Sanpaolo (Milan: ISP.MI - news) , fall more than 4 percent after the ousting of CEO Enrico Cucchiani on Sunday following clashes with the chairman of the lender's supervisory board and several influential shareholders, and amid fresh political crisis in Italy.

"We've got both the CEO's sudden departure, which has been rumoured for days, and the political situation that are weighing on the stock," a Milan-based trader says.

The bank said Cucchiani will be replaced by his deputy, Carlo Messina, who was already in charge of the retail network.

More broadly, Italian bonds - which UniCredit (Milan: UCG.MI - news) and other Italian lenders have large holdings of - and stocks fell sharply after Silvio Berlusconi sparked fresh political turmoil in the country by ordering five ministers from his party to quit the coalition government.

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At 0731 GMT, the stock is down 3.92 percent at 1.52 euros, underperforming a 1.93 percent fall in the FTSE MIB (Milan: FTSEMIB.MI - news) blue-chip index.

Reuters messaging rm://agnieszka.flak.thomsonreuters.com@reuters.net