MILAN (Reuters) - Italy’s Banca Monte dei Paschi di Siena does not intend to pursue tie-ups after completing its 5 billion euro ($6.8 billion) rights issue, its CEO said in a newspaper interview published on Tuesday.
“We are not looking for and will not look for tie-ups. The plan envisages stand-alone growth,” Fabrizio Viola told Il Sole 24 Ore.
Italy’s third-biggest and oldest bank used to be controlled by Fondazione Monte dei Paschi, a charitable foundation which has gradually cut its stake to 2.5 percent to pay off debts.
It has since entered a shareholder agreement with Brazilian bank BTG Pactual and investment fund Fintech Advisory that interlocks their combined holding and last week the bank completed its highly dilutive rights issue leaving it as a possible takeover target.
Viola told Il Sole 24 Ore he did not yet have any news on the identity of any new shareholders after the cash call.
“For sure the shareholder base at MPS has become very fragmented and investors are certainly fully aware of this,” he said.
Viola said the health checks due to be conducted on euro zone banks by the European Central Bank later this year ahead of banking union would cause more mergers among European banks.
($1 = 0.7331 euro)
Reporting by Stephen Jewkes; Editing by Greg Mahlich