On March 05, 2021, Bluebell Capital Partners announced that, in a letter to UniCredit’s chairman, Cesare Bisoni, stated that, incoming chairman Pier Carlo Padoan is a politically exposed person and warned that this could put the bank at an increased level of risk. Further, Bluebell Capital questioned his independence because of his role in the bailout of Monte dei Paschi di Siena, a possible takeover target for the Milan-based lender, when he was Italy’s finance minister.