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Italian banks tumble after PM Monti says will resign
December 10, 2012 / 8:41 AM / 5 years ago

Italian banks tumble after PM Monti says will resign

MILAN, Dec 10 (Reuters) - Italy’s listed banks dived in early trading on Monday, underperforming an already weak Italian stock market hit by concerns about political instability after Prime Minister Mario Monti’s decision to quit ahead of time.

Shares in Banca Monte dei Paschi di Siena, the weakest of Italy’s five systemic banks, were down nearly 6 percent at 0836 GMT. The bank is still awaiting for government approval of nearly 4 billion euros of state aid.

UniCredit and IntesaSanpaolo, the country’s two largest bank, were both losing more than 5 percent on the Italian stock market.

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