December 7, 2016 / 8:21 AM / a year ago

Shares in Monte dei Paschi rise strongly at open

MILAN (Reuters) - Shares in Monte dei Paschi (BMPS.MI) shot up more than 9 percent in early trade on Wednesday after sources said Italy is preparing to take a controlling stake in the troubled bank.

FILE PHOTO: The Monte dei Paschi bank headquarters is pictured in Siena, Italy August 16, 2013. REUTERS/Stefano Rellandini/File Photo

    The Treasury is considering buying 2 billion euros ($2.1 billion) in Monte dei Paschi’s subordinated debt held by retail investors and convert it into shares.

    Italy’s banking stock index .FTIT8300 rose 1.9 percent.

    Reporting by Valentina Za, editing by Agnieszka Flak

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