January 25, 2013 / 8:16 AM / in 5 years

Monte Paschi shares higher in volatile trade

MILAN (Reuters) - Shares in Banca Monte dei Paschi di Siena (BMPS.MI) rose as much as 5 percent after opening lower in volatile trading on Friday, as the bank remains mired in a scandal concerning loss-making structured trades.

The shareholders of the bank, the world’s oldest, meet on Friday to vote on a capital increase needed to pay the way for state aid.

Monte dei Paschi this week revealed loss-making derivatives trades that could cost it as much as 720 million euros (US$956 million), pushing the bank centre stage in a crucial general election campaign.

Reporting by Antonella Ciancio, editing by Stephen Jewkes

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below