February 7, 2020 / 11:43 AM / 10 days ago

Monte dei Paschi to finalise property sale next week - CEO

MILAN, Feb 7 (Reuters) - Italy’s Monte dei Paschi will take a final decision next week on a property portfolio it must dispose of under commitments taken with EU authorities to clear a 2017 state bailout.

Chief Executive Marco Morelli told an analyst call that “strong bids” received from two investors had prompted the bank to engage in a further round of negotiations with suitors which it expected to wrap up by the end of next week.

Morelli said offers valued the property portfolio, which includes the bank’s Milan headquarters near La Scala opera theatre and centrally-located buildings in Rome and Florence, well above its book value. (Reporting by Valentina Za; editing by James Mackenzie)

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