10 months ago
Italy Defends MPS Share Sales Amid Probe
Italy's government says it followed the rules when selling shares of a bank called Monte dei Paschi di Siena (MPS) to some big investors.
But now, there's an investigation in Milan to see if those investors and the bank worked together secretly, without telling everyone else.
The bank and the investors say they didn't do anything wrong.
The government had to sell these shares because it had to pay back money it used to save the bank a few years ago.
The investigation is still going on.
Italy's economy ministry defends its actions in selling MPS shares to investors under investigation.
MPS, its CEO, and top shareholders are being investigated for potential coordination and lack of transparency.
Investors Caltagirone and Delfin, along with Banco BPM and Anima, became shareholders in November 2024.
Italy began re-privatizing MPS in 2023 to reduce its 68% stake, as per EU commitments.
The ministry claims no prior contacts with the November 2024 investors, but judicial documents show they were consulted earlier.
- Who
- Italy's economy ministry, Monte dei Paschi di Siena (MPS), Francesco Gaetano Caltagirone, Delfin, Banco BPM, Anima, Milan prosecutors
- What
- Investigation into share sales of MPS, with allegations of coordination and lack of transparency
- Where
- Milan, Italy
- When
- Investigation ongoing, share placements in November 2024, bailout in 2017
- Why
- To determine if there was improper coordination and lack of transparency in MPS share sales
Key facts
- Bank Involved
- Monte dei Paschi di Siena (MPS)
- Investigation Location
- Milan
- Key Shareholders
- Francesco Gaetano Caltagirone, Delfin, Banco BPM, Anima
- Italy's Stake in MPS
- 68%
- Share Placement Year
- 2024
- Bailout Year
- 2017
- Regulatory Body
- Consob
Quotes
Monte Paschi
Banca Monte dei Paschi di Siena SpA
“the bank is confident it can provide all the necessary information to clarify the correctness of its actions”
livemint.com
Delfin
Delfin Sarl, a holding company
“its board always acted in full compliance with market rules and laws”
livemint.com
Caltagirone Group
Caltagirone Group, an investment group
“its representatives consistently acted in accordance with the rules governing the market”
livemint.com
Italy's Finance Ministry official
An official from Italy's Finance Ministry
“Italy's Finance Ministry acted in compliance with rules and procedures”
livemint.com
