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By Reuters Staff
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FILE PHOTO: The logo of Monte dei Paschi di Siena bank is seen in a bank entrance in Rome, Italy, August 16, 2018. REUTERS/Max Rossi
MILAN (Reuters) - Italy’s Monte dei Paschi (MPS) said on Thursday it was working to reduce its legal risks while the European Union assessed the state-owned bank’s ability to stay in business before unlocking more public aid.
Italy rescued MPS in 2017 at a cost of 5.4 billion euros ($6.6 billion) to taxpayers. It now stands ready to cover at least in part a 2.5 billion euro capital shortfall at the lender, but wants to first find a buyer for it.
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Net interest income down 14%, fees hold up In talks with EU and ECB over capital increase plans (Adds detail, CEO comment)
MILAN, Feb 10 (Reuters) - Italian bank Monte dei Paschi di Siena’s plans to strengthen its capital buffers remain in limbo, it said on Wednesday after reporting annual losses that soared to 1.69 billion euros ($2 billion) in 2020. The government had been working on re-privatising the bailed-out Tuscan lender, but progress has been stymied by the collapse of Italy’s ruling coalition and a change in leadership at possible buyer UniCredit, the country’s second-biggest bank by assets.
Last month Monte dei Paschi (MPS) said it would strive to clinch a merger with a stronger peer before considering a 2.5 billion euro cash call to rebuild capital reserves with support from the state.
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