Monte Dei Paschi Seeks to Restart Talks With EU as It Looks to Chart Its Future
01 Dezembro 2021 - 5:32AM
Dow Jones News
By Cristina Roca
Banca Monte dei Paschi di Siena SpA has taken steps to restart
talks with the European Commission, as it tries to chart its future
after the collapse of talks for it to be sold to UniCredit SpA.
The bank said late on Tuesday that it has made contact with
Italy's Ministry of Economy to restart discussions with the
Commission's Directorate-General for Competition.
The Italian government, which bailed out MPS in 2017, has until
April to re-privatize it under an agreement made with European
authorities.
After the collapse of talks for UniCredit to take over MPS, the
Italian government contacted the European Commission to get a
deadline extension, MPS said on Nov. 4.
The Italian government also held talks with the European
Commission to determine the measures the bank would have to take in
terms of its capital, according to MPS. On Nov. 4, MPS said it was
reviewing its business plan, that it was weighing a potential
capital increase, and that it expected the European Commission and
the European Central Bank to assess the Italian state's
intervention in the company based on the bank's "stand-alone
viability" as per the revised plan.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
December 01, 2021 03:17 ET (08:17 GMT)
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