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Monte dei Paschi foundation gets Bank of Italy's OK to stake sale
May 14, 2014 / 7:25 AM / 4 years ago

Monte dei Paschi foundation gets Bank of Italy's OK to stake sale

MILAN, May 14 (Reuters) - Fondazione Monte dei Paschi, the former top shareholder in Banca Monte dei Paschi di Siena , said on Wednesday Italy’s central bank had authorised the sale of a 6.5 percent stake in the bank to two Latin American investors.

The banking foundation has sold 4.5 percent of Italy’s third-largest bank to Fintech Advisory, a U.S.-based fund owned by Mexican businessman David Martinez, and another 2 percent to BTG Pactual Europe, a unit of Brazilian bank BTG Pactual.

It has also sealed a shareholder pact with the two investors.

The foundation said in a statement the Bank of Italy’s authorisation follows that granted by Italy’s Treasury.

It added it was now awaiting a green light from the Treasury to invest in an upcoming 5 billion-euro rights issue at the bank, whose size was recently increased from 3 billion euros pencilled in previously.

Reporting by Valentina Za, editing by Silvia Aloisi

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