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Fondazione MPS does not expect to play bigger role in Monte dei Paschi’s future By Reuters



© Reuters. FILE PHOTO: Banca Monte dei Paschi’s headquarters in Siena, Italy, October 27, 2017. REUTERS/Stefano Rellandini/File Photograph

MILAN (Reuters) – Monte dei Paschi’s (MPS) former controlling shareholder Fondazione MPS dominated out taking part in a distinct function than it does at current within the financial institution’s future, it stated on Tuesday.

Fondazione MPS President Carlo Rossi informed a press convention “no one in Italy was tearing their hair out” over the collapse in talks between the Treasury and UniCredit to promote Monte dei Paschi and this was additionally the view of the inspiration.

After emptying its coffers to assist the ailing financial institution through the years, the inspiration has seen its holding in MPS fall to zero from greater than two thirds many years in the past.

“I do not assume there’s a likelihood we may play a distinct function (in MPS’ future) than we do now,” Rossi stated.

Rossi stated that “an effort of the creativeness” was now essential to reinvent a future for MPS, including no different patrons had been in sight.

“I do not assume it could be a good suggestion to repeat the trail adopted with UniCredit and search for one other white knight,” he stated.

“The valuation was a stumbling block within the talks, however I reckon it is tough one other non-public purchaser may meet the ministry’s requests … until perhaps a international participant needed to pay a premium to get into the Italian market,” he added.

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