In a statement responding to an article in the Financial Times, Caltagirone said, "Linking this boardroom discussion to the role of a significant shareholder or to Mediobanca's stake in Generali is a manipulative interpretation that only serves to blur the normal dynamics of Mps's Board."
The statement added that Francesco Gaetano Caltagirone, who is not a member of the Mps board, "has had no contact" with Lovaglio "for several weeks."
Under Lovaglio's leadership, the Siena-based institution has gained ground with Mediobanca, playing a leading role in the consolidation process of the Italian banking sector.
The operation has strengthened the influence of two key investors in the Italian financial landscape: construction magnate Francesco Gaetano Caltagirone and Delfin, the holding company of the Del Vecchio family, both already shareholders in Mediobanca and Generali.
According to some bankers, with Mps at the center of the Italian financial system, decisions regarding the bank's leadership will be crucial for the sector's future.
Lovaglio is aiming to secure a new mandate from the board in April, but in recent months several sources told Reuters that his confirmation is not a given, with the investigation launched by the Milan prosecutor's office into the acquisition of Mediobanca further complicating his position.
Mps has expressed full confidence in the CEO, who is under investigation along with Caltagirone and Delfin chairman Francesco Milleri for an alleged secret pact aimed at taking control of Mediobanca and Generali through Mps.
All three have denied any wrongdoing, and the supervisory authority has so far ruled out the existence of any undisclosed agreements.
Today, Delfin reiterated its support for the Mps leadership and denied that any negotiations are underway with UniCredit or other parties regarding the possible full or partial sale of its stake in Rocca Salimbeni.
Delfin owns 17.5% of Mps, while Caltagirone holds 10.3%.
After the Treasury reduced its stake below 5%, Mps replaced five board members, appointing among the new directors Caltagirone's son Alessandro and Elena De Simone, CEO of Caltagirone SpA.
(Translated by Jasmine Mazzarello, editing by Andrea Mandalà)
