Monte Paschi top investor says has sold 12 percent stake

MILAN Tue Mar 18, 2014 4:04pm EDT

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MILAN (Reuters) - The top investor in Banca Monte dei Paschi di Siena (BMPS.MI) sold a 12 percent stake in the bank on Tuesday, it said in a statement.

The Monte dei Paschi foundation said it now had a stake of 15.07 percent in the bank, following further share sales on the market on Tuesday and in previous days.

It said proceeds of the sales would be used to completely clear debts with creditors.

(Reporting by Silvia Aloisi)