Italian bank Banda Monte dei Paschi de Siena won a $5.4 billion bailout by the European Commission last weekend after the bank agreed to raise more than twice the capital it had originally promised.
In a statement given Saturday, European Commissioner Joaquin Almunia. According to the Italian Treasury, the bank will raise $4.6 billion in capital next year.
With the Commission’s clearance, the bank’s CEO Farizio Viola now plans to divest assets and branches to reverse Monte Paschi’s losing spree since Italy’s longest recession in 20 years began.
Monte Paschi is the world’s oldest bank, say reports.
Full Content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Woodside Energy Acquires Tellurian for $1.2 Billion, Strengthening LNG Export
Jul 22, 2024 by
CPI
Meta Eyes Multi-Billion Dollar Stake in EssilorLuxottica Amid High-Stakes Tech Rivalry
Jul 21, 2024 by
CPI
UK CMA Probes Macquarie’s Stake in Last Mile Infrastructure
Jul 21, 2024 by
CPI
NYDFS Bolsters Crypto Oversight with Dubai Regulator Veteran
Jul 21, 2024 by
CPI
Allegations of Collusion in PacifiCorp Wildfire Settlements, Buffett’s Utility Under Scrutiny
Jul 21, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Private Equity Roll-Up Schemes
Jun 28, 2024 by
CPI
The FTC’s Focus on Private Equity is Warranted
Jun 28, 2024 by
CPI
Unraveling the Roll-Up: Private Equity’s Misunderstood Investment Strategy
Jun 28, 2024 by
CPI
Antitrust Focus on Private Equity Funds and Serial Acquisitions
Jun 28, 2024 by
CPI
Private Equity Roll-Ups Amidst Heightened Antitrust Enforcement
Jun 28, 2024 by
CPI