Chief Financial Correspondent, Italy, Milan
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Jan 21, 2014
Jan 15, 2014

Monte Paschi share sale crucial for Italy banking system-chairman

MILAN (Reuters) – A failure by Italy’s third-largest lender Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) to carry out a vital $4 billion share sale later this year would threaten the country’s entire bank sector, Chairman Alessandro Profumo was quoted saying.

Profumo’s comments in an interview with daily La Repubblica

underscore the potential significance of the share issue and pile pressure on the bank’s main shareholder, a cash strapped charitable foundation, to find a solution to the problems which prompted it to force a delay to the capital-raising plan.

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    • About Lisa

      "I have been a correspondent for 13 years, reporting on banks, financial regulation and EU politics from London, Brussels, Zurich and Milan. I have also written about a variety of business sectors, general news, the arts and sport. As Chief Financial Correspondent for Italy, I keep a close eye on top Italian business stories, particularly Fiat and banking."
      Joined Reuters:
      English, Italian, French, German, Dutch, Spanish
      2010 Reuters Star Performer Award
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