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Italy picks advisers for recapitalization of Monte dei Paschi bank
July 13, 2017 / 3:40 PM / 2 months ago

Italy picks advisers for recapitalization of Monte dei Paschi bank

A Monte dei Paschi di Siena advertisement is seen on a screen in a bank window in downtown Milan, Italy, January 14, 2016. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - The Italian Treasury said on Thursday it had picked Deloitte Financial Advisory and law firm Orrick as advisers for the recapitalization of Italy’s fourth-largest bank Monte dei Paschi di Siena (BMPS.MI).

Italy obtained a green light from European authorities this month for a 5.4 billion euro state bailout of Monte dei Paschi.

Bank of Italy Governor Ignazio Visco said on Wednesday the recapitalization of the troubled Tuscan bank should be completed by early August.

Reporting by Valentina Za; Editing by Edmund Blair

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