JOURNAL ARTICLE

Italy Sells New Paschi Stake as State Eyes Exit From Lender.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Vanuzzo, Antonio; Sirletti, Sonia 3 of 3

Abstract

Italy is in the process of selling a 7% stake in Monte dei Paschi di Siena SpA as part of a restructuring effort that began in 2017. This follows previous successful stake sales that reduced the Finance Ministry's ownership from 64% to the current level. The sales have allowed Italy to raise significant funds, with the government aiming to generate €20 billion by selling off corporate holdings to reduce debt. Monte Paschi, founded in 1472, has undergone extensive restructuring in recent years, including cost-cutting measures and a focus on profitable businesses under new leadership. The bank's improved performance has led to the resumption of dividend payments and better-than-expected financial results in the third quarter. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/11, pN.PAG
  • Document Type:Article
  • Subject Area:Politics and Government
  • Publication Date:2024
  • Accession Number:180847650
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