Italy government undersecretary says Monte Paschi won't need state aid
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
A man walks on a logo of the Monte Dei Paschi Di Siena bank in Rome, Italy September 24, 2013. REUTERS/Alessandro Bianchi/File Photo
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
MILAN (Reuters) - Ailing Italian bank Monte dei Paschi di Siena will not need state support, Claudio De Vincenti, an undersecretary at the prime minister's office, said on Thursday.
The bank, which emerged as the weakest lender in a European health check of the sector this summer, is seeking to raise 5 billion euros ($5.3 billion) by year-end to plug a capital shortfall.
However, the plan has been overshadowed by a Dec. 4 referendum that could unseat the government of Prime Minister Matteo Renzi, raising concerns that the bank's capital raise may fall short due to market turbulence.
"We are very, very confident that Monte dei Paschi's transaction will go very well," De Vincenti told reporters.
"There'll be no need for state intervention, Monte dei Paschi is perfectly capable of raising capital on the market."
(Reporting by Elisa Anzolin, writing by Silvia Aloisi)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UK's Boris Johnson in Saudi Arabia says candor important, stresses friendship
- Shrinking FX market could pose stability risk: BIS
- Indonesia police say arrest of woman in bomb plot points to new militant tactic
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!