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Shares in troubled Italian bank jump on rescue deal
– canadianbusiness.com
MILAN – Shares in troubled Italian bank Monte dei Paschi di Siena have jumped as investors cheer a rescue deal from private investors that means the bank will not be nationalized.
Monte dei Paschi was by far the worst performer in stress tests of 51 European banks but sought to head off any speculation about its future with the announcement late Friday of a 5 billion euro ($5.6 billion) capital injection from investors. That eased concerns that the government would have to take over the bank, which like several Italian lenders is struggling with huge amounts of unpaid loans.
On Monday, shares in the bank were up 6.7 per cent at 0.3285 euros. Most European banks saw their shares edge up Monday as the stress tests showed they were on average sufficiently well-capitalized.
The post Shares in troubled Italian bank jump on rescue deal appeared first on Canadian Business – Your Source For Business News.
Monte dei Paschi was by far the worst performer in stress tests of 51 European banks but sought to head off any speculation about its future with the announcement late Friday of a 5 billion euro ($5.6 billion) capital injection from investors. That eased concerns that the government would have to take over the bank, which like several Italian lenders is struggling with huge amounts of unpaid loans.
On Monday, shares in the bank were up 6.7 per cent at 0.3285 euros. Most European banks saw their shares edge up Monday as the stress tests showed they were on average sufficiently well-capitalized.
The post Shares in troubled Italian bank jump on rescue deal appeared first on Canadian Business – Your Source For Business News.
