Italy Agrees to Bailout for World’s Oldest Bank
Italy’s government has approved a bailout for Monte dei Paschi di Siena after it failed to secure any backing or rescue from private investors. The government has approved a €20 billion fund to help the country’s banking sector. Monte dei Paschi had hoped to raise €5 billion from investors to avoid being nationalised.
“The government has approved a €20 billion fund to help the country’s banking sector. Monte dei Paschi had hoped to raise €5 billion from investors to avoid being nationalised.”
It was found to be the weakest of 51 European banks that went through the European Central Bank stress testing and was given end of 2016 to solve its situation. Without this capital, the bank would have faced a risk of being wound down. The bank has already lost more than 80 per cent of its value since the start of the year.
About Monte dei Paschi di Siena
Monte dei Paschi di Siena is one of the main banks in Italy. It is the flagship of the MPS Group, which is a leader on the domestic market in terms of market share. Monte dei Paschi, familiarly called “il Monte,” was founded in 1472 under the auspices of the Republic of Siena. It became the ideal heir of Siena’s prestigious medieval mercantile and banking traditions, developing an efficacious system of credit to the advantage of the local economy.
The Monte has a strong retail vocation (families and small and medium businesses) that helps to make it the “bank of reference” in all the areas in which it is active. Since June 1999, Banca Monte dei Paschi di Siena shares are traded on the Mercato Telematico Azionario (screen-based trading market) of the Italian Stock Exchange, and since September 1999 it is listed on the market’s most representative index, FTSE MIB.
Visit: Monte dei Paschi di Siena
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