Dec
22
Paschi Drops Private Fund-Raising, Paving Way for State Rescue
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The world’s oldest bank failed to lure sufficient demand
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The Italian cabinet may meet as early as Thursday evening
Banca Monte dei Paschi di Siena SpA, the world’s oldest lender, abandoned plans to raise 5 billion euros ($5.2 billion) from the market, making a state rescue likely.
Monte Paschi failed to lure sufficient demand from investors in a share sale that ended Thursday, the Siena-based bank said in a statement after the market closed. The bank said it was scrapping the entire capital plan, including the sale of bad loans and the debt-for-equity swap, without elaborating on what it will do next…
Paschi Drops Private Fund-Raising, Paving Way for State Rescue
