Italy's Banca Monte Paschi di Siena has named Francesco Fanti as head of private banking, amid a wide-reaching shake-up of the bank’s governance structure.

Fanti, who latterly oversaw the bank’s operations in central and southern Italy, has been charged specifically with consolidating and relaunching MPS’ private banking activities.

The bank simultaneously announced that it has shifted to a more localised governance structure as part of its 2012-2015 business plan – a move intended to help cut operating costs.

The bank is now managed in seven geographical areas in Italy: southern Lombardy and Emilia Romagna (headed by Elfo Bartalucci); northwest Italy (Alessandro Signorini); northern Tuscany (Gianfranco Cenni); southern Tuscany, Umbria and Marche (Maurizio Bai); central Italy and Sardinia (Fausto Mecatti); and Sicily and Calabria (Antonio De Feo).