ROME (Reuters) -Italy on Wednesday raised 1.1 billion euros ($1.16 billion) by selling 15% of bailed-out bank Monte dei Paschi di Siena (MPS), bringing on board rival Banco BPM as a shareholder in the Tuscan lender. Banco BPM, Italy's third-largest bank ...

Italy is selling a 7% stake in Monte dei Paschi di Siena SpA, the latest step in an exhaustive restructuring drive that dates back to 2017.

Banco BPM, a major Italian bank, has acquired a 5% stake in MPS, aligning with its strategy while maintaining a standalone approach.

Italy has begun to pave the way for a third big banking group in the country by selling a chunk of state-owned Monte dei Paschi di Siena (MPS) to rival Banco BPM and the fund manager partner of both lenders.

Investing.com - Shares in Banca Monte dei Paschi di Siena (BIT: BMPS) surged after Italy sold 15% of its stake in the bailed-out lender, raising 1.1 billion euros ($1.16 billion).

The Italian government cut its shareholding in Banca Monte dei Paschi di Siena by 15% allowing peers Banco BPM and Anima Holding to buy a stake in the world’s oldest bank.

Giorgia Meloni’s government sold a minority stake in Banca Monte dei Paschi di Siena SpA to rival Banco BPM SpA, a move aimed at bolstering the Italian shareholder base of the world’s oldest bank.