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Monte dei Paschi shareholders appoint Tononi as new chairman

A panel with logo of Monte dei Paschi di Siena bank is seen in downtown Siena, November 5, 2014. REUTERS/Giampiero Sposito

SIENA, Italy (Reuters) - Shareholders at Italy's Monte dei Paschi di Siena (BMPS.MI) approved on Tuesday the appointment of Massimo Tononi, former head of the Milan stock exchange, as chairman of the bank.

Tononi replaces Alessandro Profumo who left Italy's No. 3 lender in August.

Monte dei Paschi, which emerged as the weakest lender in a European banking sector health-check last year, is carrying out a painful turnaround plan and looking for a buyer.

(Reporting by Stefano Bernabei, editing by Stephen Jewkes)