Mercoledì, 19 Settembre 2018

Monte dei Paschi di Siena shares gain 6%


Milan, January 28 - Shares of Monte dei Paschi di
Siena (MPS), Italy's third-largest lender, gained 6% to 0.27
euros in early trading on Monday, with 20 million shares
changing hands over the course of just minutes.
On Friday, the troubled bank gained 11.36% with volume
reaching 12% of its capital.
The stock bounced back after losing 20% of its value over
the preceding three days.
Last week, news broke that loss-making derivatives trades
could cost it as much as 720 million euros.
The news led to the resignation of MPS ex-chairman Giuseppe
Mussari from his post as chairman of the Italian banking
association ABI the same day.
The European Commission is in contact with Italian
authorities over the unfolding of the derivatives scandal.
In December the commission gave provisional backing to a
3.9-billion-euro government bailout for the historic bank "to
preserve the stability of the Italian financial system," said a
Brussels spokesman.
On Friday a special MPS shareholders' meeting approved
recapitalisation aimed at paying back bonds issued for the
bailout. If the bonds are not repaid the government will take
stock in MPS.
The Bank of Italy OK'd the bond scheme on Saturday.
Also on Friday the MPS banking foundation, the bank's
majority shareholder, said it may take legal action against
those deemed responsible for the derivatives-trading losses the
bank is currently facing.

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