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Monte Paschi denies report on "Chianti" trade losses
January 30, 2013 / 6:25 PM / 5 years ago

Monte Paschi denies report on "Chianti" trade losses

MILAN (Reuters) - Scandal-hit Italian bank Monte dei Paschi di Siena (BMPS.MI) said on Wednesday that there were no risk of any extraordinary losses from a trade called “Chianti Classico”, denying a report in an Italian magazine.

Weekly Panorama said that the 540-year-old Tuscan lender could face losses of up to 500 million euros (£429.8 million) as a result of the trade, which it said was a 1.5 billion-euro securitisation of part of its real estate assets.

In a statement, Monte Paschi said it had only submitted to its board a possible restructuring of the operation which could reduce its costs and recoup part of the rights on the assets.

Reporting By Danilo Masoni, editing by Stephen Jewkes

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