Lunedì, 24 Settembre 2018

MPS stock loses more than 5% after derivatives scandal


Milan, January 23 - Italian bank Monte dei Paschi
di Siena's (MPS) stock lost over 5% in early trading Wednesday
morning, the day after ex-chairman Giuseppe Mussari resigned
from his post as president of the Italian banking association
ABI due to a derivatives scandal stemming from his tenure at
Mussari said he was innocent of wrong-doing.
Derivatives transactions in 2009 which were used to improve
the banks accounts and could create a 220-million-euro hole in
MPS's books for 2012, according to reports.
Trading in the stock was suspended at the start of
Wednesday when its price began to plunge.
Analysts said the derivatives affair hits the 540-year-old
bank's image, but will not provoke serious financial
consequences, as the charges will be covered by the Italian
government's 3.9-billion-euro financial aid package to MPS via
so-called "Monti bonds".
Wednesday marks the second day of pummeling for MPS stock.
On Tuesday, when news broke of the 2009 incident, investors
pelted MPS and it lost 5.7%.

photo: Giuseppe Mussari.

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