MILAN, Oct 25 (Reuters) – Fondazione Cariplo on Tuesday approved a 10 million euro ($10 million) investment in Monte dei Paschi di Siena’s (BMPS.MI) new share issue, a person close to the Italian banking foundation said.
After securing support for the rights issue from local banking foundation in Monte dei Paschi’s home region of Tuscany ahead of the offer’s start, the Treasury knocked at the door also of other banking foundations in Italy’s north.
The steering committees of Turin-based Fondazione CRT and Compagnia di San Paolo also met over the Monte dei Paschi investment this week, and two sources close to the matter said both institutions expected to give a positive answer to the Treasury’s request in the coming days.
Not-for-profit entities with stakes in Italian banks which they have been forced by law to reduce over time, banking foundations are under the oversight of the Treasury.
With less than 10 banking foundation participating in the capital raise and contributions amounting at most to 10 million euros for each of them, the overall investment will remain below 100 million euros, a person with knowledge of the matter said.($1 = 1.0029 euros)
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Reporting by Gianluca Semeraro, Andrea Mandala and Valentina Za; eiditing by Agnieszka Flak
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