Italian $4 bln bank deal may suit government most LiamWardProud
Banca Monte dei Paschi di Siena is exploring merger options, including with Banco BPM, Reuters reported on June 30 citing two sources.
A potential deal was at the centre of talks on June 30 between Banco BPM’s Chief Executive Giuseppe Castagna and Monte dei Paschi Chairwoman Patrizia Grieco, according to the report. Castagna was seen by Reuters leaving the Monte dei Paschi headquarters in Milan. He declined to answer when asked if he had met Grieco.
The Italian government owns 68% of MPS following an 8 billion euro rescue in 2017. It has promised the European Commission it will reprivatise the bank next year. Reuters reported that Italy’s finance ministry has drafted a decree, which requires the backing of Prime Minister Giuseppe Conte, authorising it “to proceed with the extraordinary operations” to shed its Monte dei Paschi stake.
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