Italy’s Giorgetti Says Monte Paschi Could Be Core of New Banking Hub
- Oops!Something went wrong.Please try again later.
(Bloomberg) -- Banca Monte dei Paschi di Siena SpA could form the country’s third-biggest bank through a merger with a peer, Italian Finance Minister Giancarlo Giorgetti said.
Most Read from Bloomberg
China Puts Evergrande’s Billionaire Founder Under Police Control
Peloton Soars After Deal With Lululemon to Share Fitness Content
Pakistan Rupee Set to Become Top Performing Currency Globally
Evergrande’s Billionaire Chairman Hui Is Under Police Surveillance
“Monte Paschi can become the core from which to build a strong banking group,” Giorgetti told reporters during a press conference in Rome on Wednesday. “We don’t need to cash in right away,” he added referring to a possible sale of the bank.
Such a plan would be a landmark deal for Prime Minister Giorgia Meloni’s right-wing government in the corporate sector. Yet it could prove difficult to do since Rome doesn’t own stakes in Banco BPM or BPER Banca and has no formal power to force them into a takeover.
Most Read from Bloomberg Businessweek
A $12 Million Request to Cover a Crypto Scam Sank a Bank CEO
Why Retiring in India No Longer Requires Living With the Kids
Rugby Has a Plan to Get Americans Excited About the Other World Cup
©2023 Bloomberg L.P.