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Monte Paschi foundation now has 2.5 pct stake in bank-source
April 16, 2014 / 8:27 AM / 4 years ago

Monte Paschi foundation now has 2.5 pct stake in bank-source

ROME, April 16 (Reuters) - A banking foundation which until recently was the top investor in Banca Monte dei Paschi di Siena has now 2.5 percent of Italy’s third biggest lender after further cutting its stake, a source close to the foundation said on Wednesday.

As of April 3, the foundation had a 3.1 percent stake in the bank, having gradually sold a holding of 30 percent since mid-February to pay back debts.

The foundation has committed to keeping a 2.5 percent stake in the lender after a rights issue expected to be launched in May or June as part of an accord with two Latin American investors, Fintech Advisory and BTG Pactual Europe, that have bought part of its holding.

However, the bank has since said it is considering whether to raise the size of the capital increase, initially planned at 3 billion euros, and it is not clear whether this would have implications for the shareholder pact. (Reporting by Stefano Bernabei, writing by Silvia Aloisi, editing by Valentina Za)

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