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Recapitalisation of Monte Paschi: Italy sets price for its share

Siena-based bank says govt will pay 6.49 euros per share to help keep the world's oldest lender in business

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Monte Paschi needs state support to survive, even though regulators have declared the lender solvent. The bank turned to the government for help after it failed to raise funding from investors in December 2016.

Milan

ITALY took the final steps to revive Banca Monte dei Paschi di Siena SpA, setting the price for its portion of the aid package needed to keep the world's oldest bank in business.

The government will pay 6.49 euros per share as part of the bank's capital raising, according to

sentifi.com

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