November 18, 2013 / 11:42 AM / in 4 years

Monte Paschi chairman says no talks for possible mergers

ROME, Nov 18 (Reuters) - Banca Monte dei Paschi di Siena has had no contact with potential partners for the ailing bank, chairman Alessandro Profumo said on Monday, adding any suitors would be welcome.

Scandal-hit Monte Paschi must raise 2.5 billion euros ($3.37 billion) in fresh capital by the end of 2014 to win European Commission approval for a 4.1 billion euro state bailout it received earlier this year.

“My chief aim is for the bank to be well managed. To be bought by somebody else is not a problem,” Profumo said at a Financial Times conference.

“We have a size (that would allow us) to remain independent. Whoever wants to buy the bank is welcome, though I don’t think anyone will take 100 percent.”

Profumo said the capital increase was feasible. ($1 = 0.7421 euros) (Reporting by Giselda Vagnoni, writing by Valentina Za, editing by Isla Binnie)

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