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CORRECTED-Nomura says always acted fairly with Monte Paschi
January 23, 2013 / 12:25 AM / 5 years ago

CORRECTED-Nomura says always acted fairly with Monte Paschi

(Corrects stock code for Nomura)

MILAN, Jan 22 (Reuters) - Japanese bank Nomura Holdings Inc said on Tuesday the derivative trade with Banca Monte dei Paschi was reviewed and approved at the highest level within the Italian bank, including by their then Chairman Giuseppe Mussari.

The trade was also reviewed by external auditor KPMG, Nomura said in an emailed statement, adding it had “acted fairly and reponsibly with its client at all times.”

Earlier on Tuesday Italian daily Il Fatto Quotidiano reported that a derivative contract designed by Nomura for Italy’s third-biggest lender will register a loss of 220 million euros in the bank’s results for 2012.

In its statement Nomura said it was one of several banks approached to de-risk positions held by Monte Paschi “that they had previously purchased from Dresdner”.

Nomura said it had won the mandate based on the competitive pricing of its restructuring proposal in relation to other bids.

Reporting By Stephen Jewkes

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