April 11, 2018 / 8:19 AM / a year ago

Italy's CDP buying Monte dei Paschi is 'fantasy' - Treasury official

FILE PHOTO: The entrance of Monte dei Paschi bank headquarters is seen in downtown Siena, Italy, October 27, 2017. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - A senior Italian Treasury official dismissed as “fantasy” the idea that state agency Cassa Depositi e Prestiti (CDP) could buy bailed-out lender Banca Monte dei Paschi di Siena (BMPS.MI).

Il Messaggero daily reported on Wednesday that Monte dei Paschi could be involved in a potential plan by the Five-Star Movement to make CDP more similar to a French sister agency by putting it in control of a bank to spur investments in infrastructure and corporate lending.

“I won’t comment but it sounds like a fantasy,” Alessandro Rivera told Reuters on the sidelines of a conference in Milan.

Asked about what the hurdles would be, Rivera said it would be complicated as CDP would have to fall under banking oversight.

Reporting by Giulio Piovaccari, writing by Valentina Za,

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