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Monte Paschi says board did not review Nomura derivative deal
January 22, 2013 / 3:21 PM / 5 years ago

Monte Paschi says board did not review Nomura derivative deal

MILAN, Jan 22 (Reuters) - Banca Monte dei Paschi di Siena , Italy’s third biggest lender, said on Tuesday its board had not reviewed for approval a derivative deal triggering a loss of at least 220 million euros ($293 million) in its 2012 accounts.

The asset swap trade was designed for Monte dei Paschi in 2009 by Japanese bank Nomura, which earlier on Tuesday said the deal had been reviewed and approved by Monte dei Paschi’s board and then chairman Giuseppe Mussari. ($1 = 0.7510 euros) (Reporting By Silvia Aloisi, editing by Stephen Jewkes)

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