Finance
Banco BPM Buys 5% of Monte Paschi as Italy Cuts Stake
Employees enter administrative offices of Banca Monte dei Paschi di Siena SpA in Siena, Italy.
Photographer: Francesca Volpi/BloombergThis article is for subscribers only.
Italy’s government said Wednesday that it sold a stake of 15% in Banca Monte dei Paschi di Siena SpA via a placement for about €1.1 billion.
Milan-based lender Banco BPM SpA bought 5% of the placing, according to a statement, saying it does not want to request permission to exceed a 10% holding.