Italy’s third largest bank seeks to avoid government bailout with debt-for-fairness swap offer to retail investorsExecutives at Monte dei Paschi di Siena (MPS) are fighting to salvage a multibillion-euro rescue by private investors in a frantic attempt to prop up the bank.
In a statement released after a board meeting on Sunday,the world’s oldest bank said it would forge ahead with a debt-for-fairness swap offer for tens of thousands of retail investors. The offer still requires regulatory approval. whether MPS manages to convince investors to travel along with the plan, it would aid it avoid a government bailout by Italy, or which would have far-reaching economic and political consequences. Related: Monte Dei Paschi bailout: what you need to know – the Guardian briefing Continue reading...
Source: theguardian.com