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Saturday, March 2, 2024

Italy begins Monte Paschi sale with advisors

Italy has initiated the sale process of Banca Monte Dei Paschi di Siena Spa by appointing advisors as Prime Minister Giorgia Meloni aims to optimize the state’s controlling stake’s value.

The Finance Ministry will choose legal and financial advisors to assist in the sale, which can occur in one or more stages, including public offers or extraordinary operations.

The objective is to fully realize the holding’s value for the benefit of the bank and its shareholders.

Monte Paschi’s improved performance under CEO Luigi Lovaglio has made it more attractive to investors, and Italy is considering merging it with a similar-sized peer to preserve the world’s oldest banking brand.

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